Pen Underwriting builds out D&O capacity

Pen Underwriting is set to expand its presence in the directors’ & officers’ liability (D&O) insurance market by exploring and building out new niche industry segments both in the UK and overseas.

As it builds out its D&O capacity, the MGA appointed Neil Bowdrey to the newly created role of head of D&O. Bowdrey is set to join Pen’s UK office this week and will report to Adrian Scott, managing director of international & financial lines.

Momentum
Scott commented: “D&O is a dynamic market with considerable pricing momentum that is attracting new capacity to the marketplace. With Neil’s appointment and Pen’s strong distribution platform for insurer partners, we can provide excellent distribution for new and existing D&O capacity.

“Neil’s extensive experience in both the London and Australian markets will see him bring to Pen not only expert knowledge, strong leadership credentials and a great international reputation but the D&O firepower needed to ensure we expand out our capabilities and deliver on our ambitious plans in these new areas. We very much look forward to welcoming Neil to the team.”

Bowdrey bring 35 years’ specialist experience and is recognised as a D&O expert as well as a builder and leader of broader financial lines underwriting portfolios both in London and Australia.

He joins from Liberty Specialty Markets, where he has been D&O portfolio manager for Asia Pacific since 2017. Prior to that, he was financial lines manager for Western Australia at Allianz Global Corporate & Specialty, following a similar role at AIG, having relocated from London in 2005. Before moving to Australia, Bowdrey held senior professional and financial risks roles in London at both brokers and Lloyd’s syndicates.

Growth
Pen added that Bowdrey’s appointment is part of its strategy of accelerated growth and its objective to become a £1bn gross written premium underwriting and distribution business.

Commenting on Pen’s D&O capacity, Scott said: “Given the current market dynamics, it’s the ideal time to invest in expanding and evolving Pen’s D&O offering to the forefront of our international & financial lines portfolio.

Nick Wright, chief business development officer at Pen Underwriting, added: “Investing in top industry talent like Neil, to enable us to expand into new niche areas, write more diverse risks and in turn support our broker clients in growing their own businesses, is a core part of our strategic mix for accelerated growth.

“Alongside acquisitions and innovation, investing in strategic new hires is what will enable Pen to really move the dial.”

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