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Pen Underwriting appoints Matthew Lucas as COO

Pen Underwriting has announced that Matthew Lucas has been appointed to the role of COO and will join the £600m GWP underwriting business on 1 September 2020.

Lucas will also be joining the board of Pen Underwriting Limited, subject to regulatory approval.

At present, he is COO of Gallagher Benefit Services UK (GBS UK) – the specialist employee benefit, wealth management, communications and HR consultancy arm of Gallagher, Pen Underwriting’s parent company.

Prior to joining the company, he held a number of senior roles at Brown Shipley Private Bank, Barclays Wealth and Capita SIP Services, where he led large-scale transformation initiatives and operations teams.

As COO, the firm said Lucas will be responsible for ensuring Pen has the operational “capabilities, flexibility and scalability” to deliver on its strategic business vision and accelerated growth ambitions of becoming a £1bn GWP underwriting and distribution business.

Lucas will also undergo a month-long handover with current COO Michelle Bree to ensure a “smooth transition of operational leadership”.

Lucas said: “I’m excited to be joining Pen as it embarks on this next ambitious phase and was attracted by the real sense of cultural camaraderie – one strong team, representing a diverse and specialist business that’s all pulling together in a unified direction. Michelle has laid some excellent operational foundations upon which I’m looking forward to building.”

Tom Downey, CEO of Pen Underwriting, added: “Joining us as he is from GBS UK, Matthew is a great fit for Pen bringing shared values as well as a broad and impressive track record in senior leadership experience across business, project, operational and stakeholder management.

“He’ll be able to hit the ground running at this crucial juncture for Pen and Matthew’s background in the banking side of financial services will undoubtedly bring fresh ideas and energy to delivering operational excellence as we look to deliver on our new vision.”

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