Pen Underwriting will separate out its international and financial lines division to create a standalone UK financial lines and specialist liability division that will be led by managing director, Richard Webb. Webb will also join the Pen Executive Committee. The changes will take effect from 1st August.

The changes follow the expansion of the IFL division and its increasing number of overseas risks and helps to consolidate its full financial lines expertise following the 2021-acquisition of Manchester Underwriting Management.

Founder of MUM and current CEO Charles Manchester will become Chair of the new UK lines and specialist liability division.

Tom Downey, CEO of Pen Underwriting, said: “The creation of our standalone divisions focused on international business and UK financial lines and specialist liability is testament to our investment, diversification and growth in these two areas over recent years.

“Creating dedicated divisions with a streamlined and focused approach best positions us to continue that growth trajectory, by bringing together the best blend of expertise, experience and technical knowledge to expand the respective product areas in line with our ambitions.”

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