Downey on getting Pen to £1.75bn by 2030
Having hit its goal of £1bn gross written premium a year early in 2024, Pen Underwriting has set its sights on £1.75bn by 2030. CEO Tom Downey tells Insurance Age about the strategy of organic growth, product development and acquisitions now in place to reach the milestone.
The managing general agent achieved the previous target by “a hair’s breadth” last year, Downey says explaining on the new number: “That would make us the equivalent of a top 10 UK insurance company as it sits today.”
At the 2024 Biba Conference Nick Wright, Pen’s chief development officer, had noted he was kissing loads of “frogs” as the firm aimed for two acquisitions.
It ended up with one, Republic of Ireland-based MGA Wrightway Underwriting establishing Pen’s first on-the-ground presence in
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