Pen Underwriting Limited
Registered name: PEN UNDERWRITING LIMITED
Part of Arthur J. Gallagher & Co groupPen Underwriting Limited made £81.5m revenue and £28.5m profit in the year to 31 Dec 2025.
Pen Underwriting Limited’s revenue fell 5% to £81.5m in the year to 31 Dec 2025, with £28.5m profit. The company is classified under “non-life insurance” and is based in London; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- London
- Age
- 22 yrs · since 2004
- Type
- Private Limited Company
Key figures
Financial history
| Year to | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2025 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £77.3m | £86.1m | £81.5m |
| Gross profit | £15.3m | £21.2m | £81.5m |
| Operating profit | — | — | £25.9m |
| Profit before tax | £17.9m | £24.8m | £28.5m |
| Profit after tax | £17.9m | £24.6m | £28.5m |
| Profit (best available) | £17.9m | £24.6m | £28.5m |
| Employees (average) | — | — | — |
| Ratios | |||
| Profit margin | 23.2% | 28.5% | 35% |
| Gross margin | 19.8% | 24.7% | 100% |
| Growth (year on year) | |||
| Revenue growth | — | ▲11.4% | ▼5.4% |
| Profit growth | — | ▲37.1% | ▲16.1% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Jul 2025 | Accounts · bulk data Jul 2025 | Accounts · bulk data Jun 2026 |
How the business works
- Profit margin
- 35%
- Profit ÷ revenue.
- Gross margin
- 100%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- —
- Revenue ÷ average employees.
- Profit per employee
- —
- Profit ÷ average employees.
- Cash conversion
- —
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- —
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- —
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- —
- Money owed by customers. Low = customers pay quickly.
Balance-sheet signals
Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.
- Net assets
- —
- Now —
- Cash at bank
- —
- Now —
- Headcount
- —
- Now —
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- Arthur J. Gallagher & Co (registered outside the UK register)ultimate parent75–100%
- Ajg (Emea) Limited75–100%
- Gallagher European Holdings Limited75–100%
- Gallagher Holdings & Management (Emea) Ltd75–100%
- Arthur J. Gallagher Holdings (UK) Limited75–100%
- Gallagher Holdings (UK) Limited75–100%
- Pen Underwriting Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Sister companies (20)
- Bridge Insurance Brokers LimitedRev. £19m · Profit £531k
- MCMM Services LimitedRev. £3.4m · Profit £715k
- Fortify Marine LimitedRev. £0 · Profit −£14.2k
- Freeboard Maritime LimitedRev. £0 · Profit −£923
- Tay River Holdings LtdRev. £0 · Profit £40.8k
- Another Day LimitedFigures not disclosed
- Arthur J. Gallagher (UK) LimitedFigures not disclosed
- Arthur J. Gallagher Services (UK) LimitedFigures not disclosed
- Assuredpartners International LimitedFigures not disclosed
- At Squared Holdings LimitedRev. — · Profit £117k
- Bircroft Insurance Services LimitedFigures not disclosed
- Bollington Insurance Brokers LimitedFigures not disclosed
- Friary Intermediate LimitedFigures not disclosed
- Gallagher Securities UK LimitedFigures not disclosed
- Lifesure LimitedFigures not disclosed
- Manchester Underwriting Agencies LimitedFigures not disclosed
- Rentguard LimitedFigures not disclosed
- Stackhouse Poland LimitedFigures not disclosed
- Star Newco LimitedFigures not disclosed
- WHTC LtdFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Dec 2025 (profit £28.5m), from the Companies House accounts bulk data published Jun 2026. Spotted an error? Request a correction.
Updated from Companies House on 23 Oct 2026
Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.