Pen Underwriting has announced that it has bought 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 grown through a small number of acquisitions, into a multi-class, full-service underwriting agency with a team of 50 individuals generating more than £60m gross written premium (GWP).
Commenting on the acquisition of MUM, 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.
“Culturally our businesses are also brilliantly aligned. Like Pen, MUM has a firm focus on writing profitable, sustainable business underpinned by a robust underwriting discipline and is just as focused on investment in great people, where support, career development and internal progression are to the fore. 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.”
Founder and Chief Executive Officer of MUM, Charles Manchester, 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 had 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.”