Markets/Coverages MGA Pen Underwriting Relaunches Large Corporate Cyber Offering

Pen Underwriting has relaunched its cyber proposition for large corporate clients with a comprehensive rebuild that sees it re-enter primary cover for this end of the market, double its excess of loss (XOL) limit and introduce a significantly broader risk appetite.

Backed by a consortium of A-rated capacity providers with specialist knowledge of the cyber market, Pen’s new large corporate client offering offers £10 million primary cover, £15 million limit for XOL and can cater for any size of firm with worldwide coverage.

Dovetailing with Pen’s well-established SME cyber offering, the newly enhanced large corporate proposition effectively enables Pen to offer tailored insurance solutions for every size and sector of business, thereby providing a one-stop-shop on cyber risk for brokers and their clients.

“Our new offering for large corporate clients represents a significant revamp in the best way for brokers and their clients. Our chosen combination of consortium capacity partners underpins Pen’s significantly widened risk appetite for bigger corporate entities and ability to offer worldwide coverage,” commented Fiona Maclean, head of Corporate Cyber at Pen.

“This is particularly great news for brokers specialising in mitigating corporate clients’ cyber exposure who need to know extensive types or sizes of risk can be quoted for and covered, across both primary and XOL layers,” she added.

“Corporate clients are sophisticated buyers when it comes to cyber protection, having typically invested heavily in their own cyber security and rigorous IT controls while retaining an initial layer of risk themselves,” Maclean said. “Therefore, they need to know their insurance policy will provide the higher levels of indemnity they are looking for, should a malicious or non-malicious act disable operations, as well as deliver immediate breach response and support tailored to their needs.”

“Following the significant enhancements to our SME cyber proposition we have been rolling out this year, this rebuilt and relaunched offering for large corporates demonstrates how Pen is listening to and delivering for brokers,” according to Ian Summerfield, head of Cyber at Pen.

London-based Pen Underwriting is a subsidiary of Arthur J. Gallagher. Pen is a multi-class, multi-territory managing general agent (MGA) that operates as a virtual insurer, meaning it can fulfil all the typical functions of an insurance company — from underwriting, sales & distribution, pricing & analytics, product innovation, risk & governance through to claims handling — other than the provision of insurance capital.

Pen Underwriting has five divisions — International, UK Financial Lines & Specialist Liability, Public Sector, SME & Personal Lines and Specialty Lines.

Source: Pen Underwriting