By Michael Jones
Feb 19 - (The Insurer) - Gallagher-owned MGA Pen Underwriting has expanded its ports and terminals offering to cover U.S. risks.
Pen said this means it now offers ports and terminals coverage worldwide. The product line is backed by A-rated security from Lloyd’s and the London company market.
Capacity for ports and terminals has increased over the past year following the launch of several new facilities, many of which came after the Baltimore bridge collapse in March 2024.
New facilities include Marsh’s $50mn port blockage insurance facility and Tokio Marine Kiln’s $95mn trade disruption facility, launched in partnership with Convex and McGill and Partners.
Marsh and TMK also partnered on a $50mn business interruption facility in September 2024.
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