Registration Number
05172311
Registered Address
The Walbrook Building 25 Walbrook London EC4N 8AW
Company Status
Active
Employee Count
0
Turnover
£55,139,000
EBITDA
£6,509,000
Website
www.penunderwriting.co.uk/Company Type
Private limited Company
Incorporated on
7 July 2004
Nature of Business (SIC)
65120 - Non-life insurance
Industries
Insurance
Region
London£86,740,000
£43,143,000
Filed
25 Jan 2024
Period
01 Jul 2023 - 31 Dec 2023
Average Time to Pay
14 days
Payment Periods
Shortest
0 days
Longest
60 days
Max Contractual
60 days
Not Paid Within Terms
20%
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2023 - 31 Dec 2023 | 25 Jan 2024 | 14 | 80% | 12% | 8% | 20% |
| 01 Jan 2023 - 30 Jun 2023 | 21 Jul 2023 | 17 | 79% | 12% | 9% | 23% |
| 01 Jul 2022 - 31 Dec 2022 | 26 Jan 2023 | 19 | 78% | 11% | 11% | 23% |
| 01 Jan 2022 - 30 Jun 2022 | 26 Jul 2022 | 19 | 82% | 9% | 9% | 15% |
| 01 Jul 2021 - 31 Dec 2021 | 26 Jan 2022 | 19 | 79% | 10% | 11% | 17% |
| 01 Jan 2021 - 30 Jun 2021 | 29 Jul 2021 | 19 | 80% | 9% | 11% | 16% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 15 | 82% | 9% | 8% | 15% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 17 | 84% | 9% | 7% | 13% |
PEN UNDERWRITING LIMITED is a UK-based insurance company that offers a range of underwriting services for various types of insurance, including property, casualty, and liability
The company is committed to sustainability and has implemented several initiatives to reduce their environmental impact and promote responsible business practices
Their sustainability program includes measures such as paperless operations, recycling, and energy-efficient practices
They also support various charities and community projects through their corporate social responsibility efforts
PEN UNDERWRITING LIMITED offers a variety of products and services, including risk assessment, policy management, and claims handling
They work with brokers and agents to provide tailored insurance solutions for their clients
The company also offers training and development programs for brokers to improve their knowledge and skills
The key people at PEN UNDERWRITING LIMITED include managing director Nick Wright and underwriting director Neil McMillan
They have a team of experienced underwriters and support staff who are dedicated to providing excellent customer service and expert risk management solutions
Contact information for PEN UNDERWRITING LIMITED can be found on their website: www.penunderwriting.co.uk
Their registered office address is 20 Gracechurch Street, London, EC3V 0BG, United Kingdom
In summary, PEN UNDERWRITING LIMITED is a reputable insurance company in the UK with a strong focus on sustainability and responsible business practices
They offer a range of underwriting services and products and have a team of experienced professionals dedicated to providing excellent customer service
Their commitment to sustainability and community involvement sets them apart from other insurance companies in the market
The average time for PEN UNDERWRITING LIMITED to pay invoices has fluctuated between 14 and 19 days over the past three years, with a slight overall increase in the most recent period.
The company's volatility in paying invoices can be seen in the fluctuation of the percentage of invoices paid within 30 days, ranging from 78% to 84% over the past three years. The highest volatility can be seen in the percentage of invoices not paid within agreed terms, ranging from 13% to 23% over the same period.
Over the past three periods, there has been a slight increase in the average time for PEN UNDERWRITING LIMITED to pay invoices, from 15 days in the first period to 19 days in the most recent period. The percentage of invoices paid within 30 days has remained relatively stable, ranging from 79% to 82%. However, there has been an increase in the percentage of invoices paid later than 60 days, from 7% to 11%. The company has consistently maintained a shortest (or only) standard payment period of 30 days.
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard contractual terms for goods and services is 30 days.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
n/a
Maximum contractual payment period agreed
60
Disputed invoices are rare. If a dispute on an invoice does occur, no payment will be made until the issue is resolved. Resolution is typically completed within a short time frame provided the supplier responds in a timely manner to the query raised by the business. The business spend is approved by authorised and knowledgeable individuals who are best suited to resolve any possible disputes. There is also continuous internal monitoring of unprocessed and outstanding invoices to ensure no items age significantly.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
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