Pen Underwriting has announced the appointment of Tom Downey to the role of chief executive officer, subject to regulatory approval.
He takes over the leadership of the £500 million (USS$646 million) GWP underwriting business from current CEO Jonathan Turner, who has been appointed as CEO of the UK-based Specialty business for insurance broker Gallagher – the parent company of Pen Underwriting. Turner’s appointment is subject to regulatory approval.
Downey joined Pen Underwriting as managing director of Specialty in 2014 before being appointed chief underwriting officer in 2017. As CEO, he will assume full day-to-day management of Pen and its team of more than 350 insurance professionals across its 12 UK offices.
In addition, Pen announced that two other members of its leadership team are assuming new executive-level responsibilities:
Jennifer Martin, managing director of International & Financial Lines, will succeed Downey as chief underwriting officer, subject to regulatory approval. Martin joined Pen Underwriting in 2015 to build and drive the expansion of its specialist financial lines business into international territories, before being promoted to lead its overall International & Financial Lines division. Upon regulatory approval, she will also join the Pen board.
Adrian Scott, head of Cyber Liability, will succeed Martin as managing director of International & Financial Lines. Scott joined Pen Underwriting in 2016 to enhance its capabilities in cyber risk management and insurance, build a dedicated team of sector specialists and extend the geographic reach of Pen’s cyber offerings. Scott will become a member of Pen’s executive team.
“From my very first day six years ago, I’ve been passionate about Pen as a specialist underwriting business and am incredibly proud of the virtual insurer we have shaped and built as a team,” said Downey. “Pen now brings together all the robust capabilities of an insurance company with the entrepreneurial mind-set and flexibility of an MGA that continues to deliver for our customers and capacity providers alike.”
“Five years ago, Pen Underwriting was essentially a disparate group of 12 specialist underwriting businesses, and Tom has been integral to their effective integration and our transformational change,” said Turner. There’s no pair of hands more skilled and secure to which to pass Pen’s leadership reins.”