Pen poaches Hiscox expert to become top tier tech insurer in UK

London-based managing general agent (MGA)  Pen Underwriting has hired a technology insurance expert from Hiscox to build a comprehensive portfolio of innovative insurance solutions as part of its accelerated growth plan to become a £1 billion GWP underwriting & distribution business.

"Our ambition is to build Pen into a top tier tech insurer in the UK and, as an established insurance heavyweight in this field," said Adrian Scott, managing director of international & financial lines at Pen Underwriting.

The MGA has appointed Tom Dixon (pictured) to the newly created role of head of technology.

Dixon joins from Hiscox where as head of technology he has led its UK & Ireland technology practice since the beginning of 2018. Prior to that, he held a range of underwriting, business development and leadership roles focused on professional indemnity (PI) and the wider field of specialist commercial insurance since joining the company in 2009.

At Pen, Dixon will be tasked to build and develop a comprehensive PI-led portfolio of risk solutions tailored to meet the complex and fast-evolving needs of a broad spectrum of technology companies ranging from software developers, internet service providers and GDPR consultants, to specialists in blockchain, artificial intelligence and data analytics.

The appointment forms part of Pen’s strategic growth plan and ambition to become a £1 billion gross written premium (GWP) underwriting and distribution business through investing in top industry talent and specialist expertise in new niche sector or product areas, alongside acquisitions and innovation.

Scott explained: “No sector will be as pivotal to the future success of the UK economy as technology. The pandemic has only hastened the extent of its influence in what was already one of our fastest growing industries, with the UK’s technology sector securing one-third of all European tech investments back in 2019. The fact that 10 percent of current UK job vacancies are for tech jobs also speaks volumes about the strength, resilience and upward projection of the digital economy."

“Yet compared to the size of the opportunity, there are relatively few insurance providers specialising in this sector, creating untapped demand," he stated. "Brokers are looking for greater choice, empowered underwriters, cutting-edge wordings and a problem-solving approach that will give them a competitive advantage."

Nick Wright, chief business development officer at Pen Underwriting, added: “Investing in key strategic hires like Tom, who are seasoned market practitioners with impressive track records in developing solutions for fast-evolving areas of risk, is a vital part of our strategic plan to accelerate Pen’s growth. More importantly, the greater the number of industries and professionals we can support, the wider our underwriting appetite becomes and the more we can support our brokers in building their own businesses.”

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