Pen Underwriting Lands Multi-Year Thatch Deal
Pen Underwriting has secured a multiyear capacity deal with Hadron UK, a significant strategic move that will enable it to expand its offerings in the UK thatched and personal leisure property risks market. This agreement, set to commence on 1 September 2026, will allow Pen Underwriting’s Managing General Agent (MGA) to write an additional £50 million in gross written premium over the next three years, showing the company’s commitment to growth and innovation in this niche market.
Proactive Risk Management
The new capacity will empower Pen Underwriting to provide brokers and their homeowner clients with insurance solutions tailored to non-standard construction risks, a segment of the market that often presents unique challenges. This includes a diverse range of properties such as thatched homes, beach huts, touring and static caravans, chalets, and park homes located in the UK, Channel Islands, and Isle of Man. By offering these specialized insurance solutions, Pen Underwriting demonstrates its dedication to servicing the evolving needs of its clients and the broader insurance market.
Leo Downes, head of household and personal lines at Pen Underwriting, emphasized the importance of rigorous risk management, quality data, and specialist expertise in successfully underwriting non-standard construction risks. With a quarter of a century of experience in this sector, Pen Underwriting has honed its ability to offer brokers tried and tested insurance solutions that deliver when clients need them most, ensuring longevity and reliability in this highly specialist segment of the non-standard home insurance market.
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A Strategic Partnership
Colin Johnson, international CEO at Hadron, expressed his enthusiasm about the partnership, highlighting that real underwriting judgment is key in the thatch and leisure class of business. This sentiment was echoed by Andrew Booth, managing director of property and personal at Pen Underwriting, who noted the common strengths and priorities shared between the two companies. The partnership between Pen Underwriting and Hadron UK reflects a long-term, disciplined relationship, with both parties committed to growing this niche market for brokers and their customers.
The process of selecting Hadron as Pen Underwriting’s new strategic partner for thatch and leisure highlighted many shared priorities and common strengths between the two companies. Driven by a shared desire for speed to market, Hadron demonstrated flexibility and rigor at every turn, showcasing its ability to structure and deploy capacity efficiently. This alignment in priorities and approach bodes well for a successful and enduring partnership.
