Prime Highlights-
- Pen Underwriting acquired Ornella Underwriting, adding about €70 million in premium and lifting its Irish book to around €140 million.
- Ornella brings new commercial niches such as taxi, care homes and equine cover to Pen’s broker partners in Ireland.
Key Facts-
- Ornella was founded in 2012, writes only through brokers and has about 40 staff.
- Pen entered Ireland in June 2024 by acquiring Wrightway Underwriting, a haulage specialist.
Background-
Pen Underwriting has acquired Wexford-based Ornella Underwriting Limited for an undisclosed sum, lifting its combined Irish gross written premium to around €140 million.
Ornella adds about €70 million in premium and gives Pen’s broker partners access to a wider range of risks through one managing general agent. Founded in 2012 and regulated by the Central Bank of Ireland, Ornella writes only through brokers. Its book covers private motor, van, fleet, home and commercial combined insurance, with niches in taxi, care homes and equine cover.
Pen’s Irish portfolio leans toward non-standard motor risks in haulage, transport and fleet. Together, the two firms now cover motor risks from private cars to heavy goods vehicles.
Pen first moved into Ireland in June 2024 through the purchase of Wrightway Underwriting, a transport and haulage specialist with annual premium of around €40 million. Earlier this year, the group named Michael Doyle to run its Irish division as chief executive.
Ornella’s 40 staff will join Pen’s Irish operation. Chief executive Paul Whelan and his management team will stay in their roles.
Pen chief executive Tom Downey called the deal a “game changer” for Irish brokers. Whelan said finding the right partner mattered more than speed.
The deal supports Pen’s 2030 Vision, which targets £1.75 billion in group premium by the end of the decade, up from about £1 billion today.