Pen Underwriting Doubles Irish Footprint with Strategic Acquisition of Ornella Underwriting

Pen Underwriting has acquired Wexford-based MGA Ornella Underwriting Limited, a move that doubles Pen’s Irish operations to approximately €140 million in gross written premium. For brokers and carriers, this consolidation creates a dominant multi-class MGA in the Republic of Ireland, significantly broadening distribution reach and underwriting capacity across commercial motor, personal lines, and specialist niches.

What was announced

The acquisition of Ornella Underwriting Limited, for an undisclosed sum, marks a major expansion for Pen Underwriting in the Republic of Ireland. The deal effectively doubles Pen’s footprint in the region, both in terms of premium volume and headcount. Ornella, which was established in 2012 and is based in Wexford, brings a team of approximately 40 professionals and generates circa €70 million in gross written premium (GWP). Its products are distributed through an extensive nationwide network of broker partners.

The integration of Ornella introduces a variety of complementary commercial motor products to Pen’s existing specialisms in haulage, fleet, and transportation. Beyond motor, the deal adds significant depth to Pen’s portfolio in private motor, home, and commercial combined insurance. It also brings several discrete commercial niches into the fold, including specialized insurance for taxis, care homes, and equine risks. Following the acquisition, the combined Irish business will manage approximately €140 million in GWP.

The leadership team at Ornella will remain central to the operation. This includes Chief Executive Officer Paul Whelan, Director of Trading Jack Fennell, Chief Operations Officer & Finance Director Paul Donovan, and Director of Underwriting Brian Hughes. The business will become part of Pen Underwriting’s growing Irish division, which was formally established in 2024, and will maintain its presence as a significant employer within the Wexford insurance hub.

"Our team has built a brilliant broker-focused MGA business of real scale and diversity of which we are rightly proud, and it was important we found the right partner to support our future growth plans. From the earliest meetings, we could see Tom, Michael and the wider Pen team were like-minded leaders and the best fit. Becoming part of Pen will provide a strong platform to sustain our strategic growth while creating exciting opportunities for colleagues and further product development. Together, our complementary areas of expertise and respective product offerings create a compelling market for brokers and I’m excited to see what lies ahead."

Paul Whelan, CEO of Ornella.

The companies involved

Pen Underwriting is a multi-class managing general agent (MGA) that operates across a wide array of insurance sectors. The firm has been actively building its presence in the Irish market, a strategy underscored by the formal establishment of its Irish operations in 2024. The business is led by CEO Tom Downey, with Michael Doyle serving as the CEO of Pen Underwriting’s business in Ireland. Pen focuses on providing sustainable insurance solutions for diverse risks, positioning itself as a key partner for brokers across the UK and Ireland.

Ornella Underwriting Limited, which operates the website ornellaunderwriting.ie, has grown since its 2012 inception to become one of Ireland’s leading MGAs. Based in Wexford, the firm has built a reputation for a broker-centric approach, offering a broad range of personal and commercial lines. Its expertise spans from standard private car and home insurance to highly specialized areas such as horseboxes and tankers. Prior to the acquisition, Ornella operated as an independent entity, establishing a robust nationwide distribution network that now integrates into Pen’s broader infrastructure.

What FF News has reported before

FF News has closely followed Pen Underwriting’s strategic expansion and its focus on strengthening its technical underwriting capabilities. In July 2026, we reported that Pen Underwriting Bolsters Construction and Casualty Teams with Four Strategic Hires. That move was part of a broader effort to enhance its expertise in complex risk areas, specifically within the construction and casualty sectors. This latest acquisition in Ireland follows that pattern of aggressive growth, shifting the focus from organic talent acquisition to large-scale corporate consolidation to secure a dominant market position in the Republic of Ireland.

What this means from an insurtech perspective

This acquisition highlights a continuing trend of consolidation within the MGA sector, where scale is becoming a prerequisite for competing in data-heavy lines like commercial motor. By absorbing Ornella, Pen Underwriting gains immediate access to a wealth of localized underwriting data and a mature broker network, which is essential for refining pricing models in niche segments like taxi and equine insurance. For incumbent carriers, the emergence of a €140m GWP MGA in Ireland increases the pressure to provide flexible capacity to high-volume distributors. From a technology standpoint, the integration of these two entities will likely test legacy core-system modernization efforts, as the combined business seeks to provide a seamless "all things wheels" offering to brokers while maintaining loss ratio discipline across increasingly diverse portfolios.