Pen Underwriting CEO eyes more M&A to get closer to £1bn GWP target
Pen Underwriting CEO Tom Downey claims the business is on track to hit its £1bn GWP target within three years - and that it will reach it by both diversifying and building on what it already has.
In order to grow the MGA’s gross written premium, Pen set its sights on further potential M&A activity, while also focusing on organic opportunities.
Downey (pictured) said: “We ended 2022 with just over £720m GWP, and with the acquisition of Tay River Holdings [this week], that will bring us more than £90m GWP on an annualised basis. So, while life is not linear, we are ahead of where we expected to be right now.
“We are on target to reach £1bn GWP by the end of 2025, but we don’t want to
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