Gallagher's Pen and Zurich seal £165m UK fleet capacity deal

London-based MGA Pen Underwriting and Zurich Insurance Group have extended their strategic partnership with a new specialist fleet capacity deal covering hazardous industries and tanker transportation in the UK.

The long-term agreement will see Zurich provide capacity for in excess of £165 million in premium over the next five years for Pen’s hazardous goods and environmental industries’ motor fleet proposition.

Pen’s products in this area cater to companies working in fuels & oil, chemicals, lubricants, LPG, liquid waste and industrial cleaning as well as non-hazardous tanker operators.

“We are absolutely delighted to secure the continued long-term commitment from Zurich in support of our UK fleet insurance solution in this highly specialist market," said Adam Shefras, managing director of hazardous goods & environmental industries at Pen Underwriting.

“Set against the current backdrop of market challenges, the strength and longevity of our partnership with Zurich, our decades of experience and close relationship with industry bodies enable us to provide brokers and their clients with much-needed consistency, appropriate protection and long-term sustainability across a sector that has to be able to manage catastrophic losses.”

Kevin Morton, strategy manager at Zurich, said: “Our long-term collaboration with Pen Underwriting and mutual commitment to keeping the UK’s hazardous and environmental industries moving is one we are very pleased to renew and build upon. Pen’s sector expertise, underwriting discipline, claims service, provision of timely and accurate data and constant drive for improvement in all aspects of the portfolio continue to make this an important and attractive distribution opportunity for Zurich and an extremely valued partnership.”