Markel Inks £25M Deal With Gallagher-Owned Underwriter
Law360, London (March 16, 2020, 4:18 PM GMT) -- Specialist insurer Markel will pay claims for up to £25 million ($30 million) in premiums sold by Gallagher-owned managing general agent, Pen Underwriting, under a capacity deal announced Monday.
The three-year deal will provide backing for Pen to continue to provide insurance products for the equestrian sector. It is itself a renewal of a deal announced between the two companies in 2017.
Underwriters like London-based Pen, who do not hold significant capital, rely on “capacity” deals with insurers, who pay claims. The equestrian deal will enable Pen to write up to £25 million in premium over the next three years with...
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