Pen Underwriting has announced that it has acquired Manchester Underwriting Agencies
Limited and its wholly owned subsidiary Manchester Underwriting Management Limited (MUM) for an undisclosed sum.
Established in 2010 as a specialty underwriting agency by Charles Manchester, MUM has since grown into a “full service” underwriting agency with a team of 50 generating more than £60m gross written premium.
Based across five locations in the UK, MUM deals exclusively through brokers, is primarily focused on SME business and specialises in professional indemnity and management liability lines, as well as casualty.
Tom Downey, CEO of Pen Underwriting, said: “When we set out our strategy of accelerated growth last year and vision to become a £1bn GWP underwriting and distribution company, we made clear that the acquisition of quality, specialist underwriting businesses led by highly skilled and respected management teams would be a core and critical element.
“MUM demonstrates every single one of those traits and much more. We couldn’t be more delighted at the prospect of bringing MUM into the Pen Underwriting family and extend a very warm welcome to Charles and his team.”
Charles Manchester, founder and CEO of MUM, added: “I am incredibly proud of the business we have built together as a team over the last decade – respected in our chosen sectors, backed by high-quality A-rated capacity and consistently profitable.
“Becoming part of a larger group will enable us to deliver the next level of growth but it has to be with the right partner. Pen’s management team shares our mindset and our motivations. This will be a great partnership for colleagues, capacity partners, broker clients and customers alike.”