Pen Underwriting Extends Long Term Fleet Deal with Zurich

Thu Jul 4 2024

Pen Underwriting extends long-term specialist fleet deal with Zurich

Pen Underwriting recently announced the extension of its long-term strategic collaboration with Zurich in the Republic of Ireland in support of Pen’s highly specialist fleet insurance offering, following a multi-year renewal of their existing capacity deal.

The agreement will see Zurich continue to provide 100% capacity for Pen’s specialist offering – which covers motor fleets in the hazardous goods, tankers and environmental industries – for up to €45m in premiums over the next three years, taking the strategic relationship beyond the quarter of a century mark.

Pen has a similar long-term capacity arrangement with Zurich in the UK in support of the same sectors.

As in the UK, Pen’s tailors its Irish fleet products to the specific needs of different segments of the high hazard transportation and distribution sector, such as companies working in fuels and oil, chemicals, lubricants, LPG, liquid and hazardous waste as well as non-hazardous tanker operators. Risk management expertise and loss mitigation services combine with insurance protection to offer brokers and their clients tailored solutions with direct access to technical underwriters and embedded extras, including 24/7 emergency spill response.

Adam Shefras, Managing Director of Hazardous Goods & Environmental Industries at Pen Underwriting, said: “Our commitment to delivering long-term insurance solutions in Ireland for fleets operating in the hazardous or bulk liquid areas, is underpinned by our fantastic collaboration with Zurich, so this latest capacity deal is excellent news for all parties.

“As the industries we support continue to evolve, overcome economic and regulatory challenges and embed decarbonisation initiatives, the provision of stable and secure insurance tailored to their needs is hugely important. When the sector you are supporting has the potential for catastrophic losses and complex claims, your customers need to know you will be there for them, in a consistent way, year in year out.

“Pen’s longevity in these trades, our underwriting expertise and loss mitigation experience, coupled with our lasting collaboration with Zurich, means we are ideally placed to provide brokers and their clients with sustainable solutions and the assurance they are seeking.”

Declan O’Halloran, Director of Sales & Distribution for Zurich Insurance in Ireland, said: “Pen continues to be a great underwriting partner for us in the Republic of Ireland at this highly specialist end of the fleet market. We value the depths of their risk evaluation experience, their data-driven approach to disciplined underwriting and their focus on continuous improvement. Those qualities make the decision to extend our collaboration beyond 25 years an easy one, and we look forward to working together for many years to come.”

Zurich Insurance Europe AG is authorised by the Federal Financial Supervisory Authority (BaFin) in Germany and is regulated by the Central Bank of Ireland for conduct of business rules.

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