SiriusPoint and Pen Underwriting Expand Partnership for International PI Risks.

SiriusPoint and Pen Underwriting have expanded their partnership to include professional indemnity (PI) risks through a new capacity deal. This builds on their strategic partnership across various underwriting specialisms. Tom Downey, CEO of Pen Underwriting, praised SiriusPoint's long-term approach and shared success focus, making them a great fit for international PI. The partnership aims to grow capabilities and reach in the sector.

In a significant development in the insurance sector, global re/insurer SiriusPoint has expanded its partnership with UK-based MGA Pen Underwriting to include professional indemnity (PI) risks. This expansion follows a strategic alliance that has already encompassed various underwriting specialisms, including social housing and marine insurance.

The new capacity deal, announced on July 17, 2025, sees SiriusPoint providing 100% capacity for Pen Underwriting's international PI portfolio. This offering is designed to cover PI risks originating outside the UK and Ireland, catering to multiple professions and territories [1].

Tom Downey, CEO of Pen Underwriting, expressed enthusiasm about the partnership, noting that international PI is an area of mutual appetite and well-positioned for growth. He praised SiriusPoint's commitment to the MGA sector and focus on shared success, making them a great fit for international PI. The partnership aims to grow Pen Underwriting's capabilities and reach in this sector [1].

Rob Gibbs, president and CEO of SiriusPoint International, echoed this sentiment. He highlighted that the partnership extends SiriusPoint's collaboration across the globe, leveraging their valuable Lloyd's platform. This expansion is a strong example of how SiriusPoint is realizing its strategy to deepen existing relationships to deliver even greater value with their MGA partners [1].

This latest development builds upon the existing strategic alliance between Pen Underwriting and SiriusPoint, which now encompasses a broader range of underwriting specialisms. It follows an April 2024 announcement where SiriusPoint became the long-term capacity provider for Pen Underwriting's specialist social housing practice [1].

The partnership is expected to contribute to Pen Underwriting's growth plans. The company manages approximately £1 billion in gross written premium (GWP) and has set a "2030 Vision" to grow into a £1.75 billion GWP underwriting and distribution business. This growth is planned through a combination of organic expansion and acquisitions, such as the June 2024 acquisition of Wrightway Underwriting, a specialist transportation and haulage MGA based in the Republic of Ireland [1].

References:

[1] https://www.insurancebusinessmag.com/uk/news/professional-liability/pen-underwriting-expands-partnership-with-siriuspoint-into-professional-indemnity-542875.aspx