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Pen Underwriting has revealed a multi-year extension to its strategic partnership with global specialty underwriter SiriusPoint, renewing long-term capacity for its specialist social housing business through to at least 2030.
Pen explained that the agreement builds on the strategic relationship established between the two firms in 2024 and reflects their long-term commitment to the highly specialist housing association sector.
The new agreement, which was agreed well ahead of the existing deal’s expiry, will see SiriusPoint continue to provide capacity for Pen’s specialist social housing practice and enable Pen to write in excess of £300 million in premium over the course of the extended partnership.
Pen said that its social housing practice is built on more than 20 years of underwriting knowledge, experience and the “consistent provision of insurance solutions” to manage the sector’s evolving risks.
“Its proposition serves the not-for-profit housing association sector, which owns, rents and manages residential accommodation and commercial properties, providing insurance for buildings, contents, property owners’ liability and terrorism,” the firm added.
Simon Perry, Managing Director of Real Estate and Head of Social Housing at Pen Underwriting, commented, “Agreeing this extension with SiriusPoint well in advance is a strong endorsement of the partnership we have built together, our disciplined portfolio management and our shared commitment to the social housing sector.
“Long-term, sustainable capacity is hugely important in a specialist market like social housing. Extending our partnership through to at least 2030 enables us to keep investing in our proposition and developing new and improved ways to best support housing association clients in managing and mitigating their risk exposures.
“We are delighted SiriusPoint shares our long-term ambition for the business and look forward to building on what we have already achieved together.”
Patrick Charles, Global Head of P&C Programs at SiriusPoint, said, “The extension of our distribution partnership with Pen reflects the strength of our relationship and our confidence in the team’s expertise, its underwriting approach, and long-term strategy.
“The social housing sector plays a vital role in supporting communities across the UK, and we are proud to support a market where specialist knowledge, long-term partnerships and stability of capacity remain important.
“We’re pleased to extend our partnership and look forward to building on our success with Pen in the years ahead.”
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đź’ˇ What This Means For You
[post_title_image]📰 Curated Industry Article This is a summary of a full article from a trusted insurance publication. Click "Read Full Article" below to read the complete story.Pen Underwriting has revealed a…
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