Q&A: Pen’s Nick Wright
Nick Wright, chief business development officer at Pen Underwriting, tackles its recent M&A quietness, capacity in the market and the benefits to brokers from niche products. He updates on the goal of hitting £1.75bn GWP by 2030, streamlining its agency base and shares why he thinks the Gallagher-owned MGA will “go from strength to strength” as he forecasts casualties in the space in the next few years.
In a year full of developments, Pen started with a boost to its capacity with QBE in a £420m package in January. Then, in July, it expanded its relationship with SiriusPoint, signed a solicitors’ PI deal with Bridgehaven in August and revealed a £350m expansion with Zurich in December.
Q: Is there really a capacity crunch in the market?It depends on which MGAs. There’s no getting away from the market is in a different place than it was 18 months ago. And therefore, in certain sectors, there’s
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