Pen Underwriting launches IP cover

Pen Underwriting has launched an intellectual property insurance proposition following its creation, earlier this year, of a dedicated IP underwriting practice under the leadership of Erik Alsegard. The product is backed by Tokio Marine Kiln and is initially aimed at UK companies with an international roll-out planned.

Alsegard, said: “With the demand for IP insurance expected to grow strongly due to the corresponding rise in the value of intangible business assets, brokers are looking for more choice in a limited market, which we are excited to provide.

“Combining the expertise of specialist underwriters at Pen who really understand this area of risk and exposure for their clients, with the backing of a carrier like TMK who is equally experienced in IP insurance, provides a powerful new proposition.”

Ellie Webb, IP underwriter at TMK, added: “We are very pleased to partner with Pen and help bring its easy-to-access, modular IP insurance proposition to market. It’s important to continue to grow the market in step with anticipated demand to help protect organisations from the substantial financial risks involved with IP-related disputes.”

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