The two organisations have worked together for more than 35 years, with Zurich traditionally providing motor fleet capacity for hazardous goods, tanker and environmental sector risks. The renewed agreement widens that scope to include Pen’s passenger transport specialism, covering bus, coach and minibus fleets, and enables Pen to offer terms on new fleet risks for existing customers where relationships already exist.
Zurich will provide capacity for Pen to write more than £350 million in premium over the next five years, with both parties targeting sustainable growth and expansion into additional industries requiring specialist fleet expertise.
The deal also increases the level of delegated underwriting and claims authority, a move Pen says will improve response times, broker service and customer outcomes.
Pen’s hazardous goods and environmental fleet offering includes risk management and loss mitigation support, direct access to specialist underwriters and 24/7 emergency spill response. The expanded arrangement brings all of Pen’s UK fleet divisions under one capacity structure, aligning underwriting and claims handling and widening brokers’ access to terms.
Pen runs a similar long-term capacity partnership with Zurich in the Republic of Ireland supporting the same sectors.
Passion and expertise
Commenting on the renewed agreement, Adam Shefras, Managing Director of Hazardous Goods & Environmental Industries at Pen, said the expanded partnership allows Pen to bring its specialist knowledge to a broader range of fleet operators: “The bus, coach and minibus sector is another highly specialist market with limited insurer participation.
Combining our longevity in these trades with Zurich’s continued support and enhanced authority levels puts us in a strong position to deliver sustainable solutions and responsive service in sectors exposed to complex and potentially catastrophic claims.”
Gordon Wilmott, Head of Public Services & Pen at Zurich Municipal, added: “We are delighted to be working with Pen in an expanded capacity.
“The passion and expertise shown by Pen to ensure the best outcomes for brokers and customers is something we particularly value.”
Image provided by Pen.