PEN UNDERWRITING LIMITED
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Cash
£101M
+4.1% highest in 3 filed years
Net assets
£73M
+13.3% highest in 3 filed years
Employees
—
Average over period
Profit before tax
£29M
+15.3% highest in 3 filed years
Net assets
3-year trend · vs Financials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £77,339,000 | £86,126,000 | £81,479,000 | -5.4% | |
| Operating profit | — | £21,247,000 | £25,916,000 | +22% | |
| Profit before tax | £17,927,000 | £24,757,000 | £28,547,000 | +15.3% | |
| Net profit | £17,927,000 | £24,577,000 | £28,536,000 | +16.1% | |
| Cash | £82,807,000 | £96,981,000 | £100,981,000 | +4.1% | |
| Total assets less current liabilities | £61,417,000 | £64,987,000 | £73,134,000 | +12.5% | |
| Net assets | £61,105,000 | £64,418,000 | £72,954,000 | +13.3% | |
| Equity | £61,105,000 | £64,418,000 | £72,954,000 | +13.3% | |
| Average employees | — | — | — | — | |
| Wages | — | — | — | — | |
| Directors' remuneration | £1,877,000 | £1,730,000 | £703,000 | -59.4% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | — | 24.7% | 31.8% | |
| Net margin | 23.2% | 28.5% | 35.0% | |
| Return on capital employed | — | 32.7% | 35.4% | |
| Current ratio | 1.23x | 1.52x | 1.53x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 3 times since incorporation
- PEN UNDERWRITING LIMITED 2015-09-29 → present
- OIM UNDERWRITING LIMITED 2008-09-17 → 2015-09-29
- OXYGEN INSURANCE MANAGERS LIMITED 2004-10-07 → 2008-09-17
- OXYGEN INSURANCE INTERMEDIARIES EMA LIMITED 2004-07-07 → 2004-10-07
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- Ernst & Young LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The directors have assessed the company's ability to continue as a going concern for a period of 12 months from the date of approval of these financial statements. Based on this assessment, which considered current trading performance, cash flow forecasts, and available financing facilities, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of twelve months from when the financial statements are authorised for issue.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
10 active · 47 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| OTTERSON, Robert James | Secretary | 2024-12-17 | — | — |
| CLUTTERBUCK, Neil Andrew | Director | 2025-03-11 | Jan 1967 | British |
| COUSINS, David Michael Edwin | Director | 2021-06-21 | Jan 1973 | British |
| CRAWFORD, Charles Robertson | Director | 2024-03-14 | Mar 1964 | British |
| DOWNEY, Tom | Director | 2018-09-10 | Nov 1967 | Irish |
| FRANCIS, Clare Louise | Director | 2025-05-09 | Jun 1969 | British |
| GREEN, Simon Anthony | Director | 2017-07-13 | Oct 1963 | British |
| LANGLEY, Susan Carol | Director | 2024-03-14 | Jul 1963 | British |
| RUSH, David James | Director | 2025-10-27 | Jun 1965 | British |
| SCOTT, Charles Douglas Knowles | Director | 2024-03-14 | Dec 1973 | British |
Show 47 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| KNOBLAUCH, Franz Josef | Secretary | 2004-07-07 | 2008-09-15 |
| MCGOWAN, William Lindsay | Secretary | 2012-09-11 | 2018-08-10 |
| PEEL, Alistair Charles | Secretary | 2018-08-10 | 2024-07-26 |
| PFITZNER, Alissa Gai Pohl | Secretary | 2008-09-15 | 2012-09-10 |
| ALFORD, Robert John | Director | 2004-09-16 | 2008-09-15 |
| ARMITAGE, Mark Nicholas | Director | 2015-07-17 | 2017-01-19 |
| BARTON, Michael Keith | Director | 2008-09-15 | 2011-08-31 |
| BARTON, Nigel Anthony | Director | 2004-07-07 | 2008-09-15 |
| BELTON, Michael Vincent | Director | 2018-10-19 | 2019-10-29 |
| BENJAMIN, John | Director | 2004-09-16 | 2007-07-20 |
| BINKS, Tom Anthony | Director | 2007-09-20 | 2008-09-15 |
| BREE, Michelle | Director | 2020-01-18 | 2020-09-30 |
| BRESLIN, Sarah | Director | 2020-12-10 | 2023-07-01 |
| BROWN, Adrian Peter | Director | 2014-11-10 | 2015-02-27 |
| CHILTON, Grahame David | Director | 2015-05-01 | 2018-10-01 |
| COOPER-MITCHELL, Michael | Director | 2008-10-01 | 2014-06-30 |
| DALGARNO, Sarah | Director | 2008-09-16 | 2015-03-17 |
| DRUMMOND-SMITH, James | Director | 2024-03-14 | 2026-02-28 |
| ECKERT, Neil David | Director | 2013-03-20 | 2015-09-08 |
| FIELD, Roger Anthony | Director | 2010-01-21 | 2017-12-31 |
| FISHER, Sian | Director | 2004-09-16 | 2014-10-10 |
| GALLAGHER, John Patrick | Director | 2008-09-16 | 2013-06-19 |
| GALLAGHER, Thomas Joseph | Director | 2011-06-30 | 2016-06-03 |
| HASTINGS-BASS, John Peter | Director | 2011-10-26 | 2014-12-19 |
| KIER, Michael Hector | Director | 2004-09-16 | 2008-09-15 |
| KNOBLAUCH, Franz Josef | Director | 2004-07-07 | 2008-09-15 |
| LASHMAR, Gary | Director | 2010-01-21 | 2014-08-22 |
| LUCAS, Matthew | Director | 2021-01-11 | 2024-03-14 |
| MATSON, Simon | Director | 2018-10-01 | 2018-10-01 |
| MCGURN, David Edward | Director | 2008-09-16 | 2011-01-13 |
| MUGGE, Mark Stephen | Director | 2011-08-31 | 2015-01-26 |
| NEWBERY, Trevor Philip | Director | 2015-12-08 | 2021-11-01 |
| O'NEILL, Terry | Director | 2008-09-16 | 2014-12-31 |
| PANICKER, Praveen | Director | 2020-01-13 | 2020-12-16 |
| PATTEN, Louise Alexandra Virginia, Lady | Director | 2024-03-14 | 2025-01-04 |
| REA, Michael Peter | Director | 2015-12-14 | 2017-01-19 |
| RICHMOND, Carol Ann | Director | 2015-12-14 | 2021-01-01 |
| ROSS, David Christopher | Director | 2008-09-16 | 2015-02-09 |
| SANDLER, Ronald Arnon | Director | 2004-09-16 | 2008-02-17 |
| SCOTT, Charles Douglas | Director | 2018-07-09 | 2021-01-01 |
| SPENCER, Michael Alan, Lord Spencer Of Alresford | Director | 2005-03-17 | 2007-09-20 |
| STORY, Ian Graham | Director | 2015-04-29 | 2018-06-30 |
| STRUTT, Jennifer Louise | Director | 2020-09-08 | 2024-03-14 |
| THOMSON, Catriona Anne | Director | 2023-07-12 | 2024-03-14 |
| TREBBLE, Richard John | Director | 2007-12-21 | 2008-09-15 |
| TURNER, Jonathan Rory | Director | 2016-02-09 | 2020-03-01 |
| WRIGHT, Nicholas Lloyd | Director | 2021-07-29 | 2024-03-14 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Gallagher Holdings (Uk) Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-09-30 | Active |
Filing timeline
Last 20 of 192 total filings
Material constitutional events — rename, articles re-file, resolution
- 2025-10-08 RESOLUTIONS Resolution
- 2025-10-08 MA Memorandum articles
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-07-02 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2026-06-05 | AA | accounts | Accounts with accounts type full | |
| 2026-03-02 | TM01 | officers | Termination director company with name termination date | |
| 2025-10-28 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-08 | RESOLUTIONS | resolution | Resolution | |
| 2025-10-08 | MA | incorporation | Memorandum articles | |
| 2025-09-02 | CH01 | officers | Change person director company with change date | |
| 2025-09-02 | CH01 | officers | Change person director company with change date | |
| 2025-09-02 | CH01 | officers | Change person director company with change date | |
| 2025-07-21 | AA | accounts | Accounts with accounts type full | |
| 2025-07-03 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-05-09 | AP01 | officers | Appoint person director company with name date | |
| 2025-03-11 | AP01 | officers | Appoint person director company with name date | |
| 2025-01-07 | TM01 | officers | Termination director company with name termination date | |
| 2024-12-23 | AP03 | officers | Appoint person secretary company with name date | |
| 2024-08-09 | TM02 | officers | Termination secretary company with name termination date | |
| 2024-07-01 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-06-02 | AA | accounts | Accounts with accounts type full | |
| 2024-03-19 | AP01 | officers | Appoint person director company with name date | |
| 2024-03-18 | TM01 | officers | Termination director company with name termination date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 11
- Capital events
- 0
- Officers appointed
- 1
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.