Today, Pen Underwriting announced that it has acquired Manchester Underwriting Management in a deal that will see our 50-strong team of insurance specialists add complementary breadth and depth in financial lines specialisms and more than £60m of gross written premium to its £600m GWP business.

Becoming a part of Pen Underwriting will enable us to deliver the next level of growth for the business. Since our establishment in 2010 as a specialty underwriting agency, MUM has grown organically and through a small number of bolt-on acquisitions into a multi-class, full service underwriting agency, led by founder and CEO Charles Manchester and based across five locations in the UK. Speaking of the significance of the deal for MUM and our colleagues, Charles said: “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.”

Tom Downey, CEO of Pen Underwriting, added: “When we set out our strategy of accelerated growth last year and vision to become a £1bn GWP underwriting & 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. “Its financial lines’ specialisms are complementary to our own, adding breadth and depth as well as real bench strength in new areas of professional indemnity like Surveyors & Valuers and UK Insurance Brokers.”

Commenting on the cultural alignment of the two businesses, Tom added: “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.”