Biba 2024: Pen to hit £1bn GWP target a year early says Downey

Tom Downey, CEO of Pen Underwriting

Tom Downey, CEO Pen Underwriting, hopes the managing general agent will hit £1bn gross written premiums by the end of 2024 or early next year, 12 months ahead of schedule.

Speaking at the British Insurance Brokers’ Association Conference today he said this would be achieved through acquisitions, growing its existing products and bringing “new brains” into Pen.

The MGA is in the middle of an acquisition which will “hopefully” be concluded in three to four weeks.

Downey added: “We build out a pipeline, these things don’t happen by coincidence. It’s about finding the right company with the right people, right culture, drive and energy who want to be part of Pen and we

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