Product Governance

On this page, we provide guidance and resources to help support those brokers and coverholders selling our products. In particular, you will find Target Market Statements to help you understand the intended sales population and Fair Value Assessment outcomes so that you can understand the work Pen has carried out to assess the value of our products. 

Please note that our Target Market Statements and Fair Value Assessment outcomes are only intended to provide an indicative summary and not full summaries of coverage. They are not intended to be shared with policyholders. Please refer to the relevant policy documentation for full details of the coverage provided.

Combined Target Market Statements and Fair Value Assessments

We have produced a series of Combined Target Market Statements and Fair Value Assessments relating to our product groups, which can be found at this link.

Product Governance Overview

Pen's product governance process for new and existing products is summarised in these flowcharts.

Cost of Living 

We are aware of the impact of the current economic environment and cost of living implications. We want our customers to remain protected and to have insurance in place that meets their needs. Should you be in financial difficulty please contact the broker you purchased the insurance through and they may be able to assist by reviewing your cover or arranging alternative payment methods. Pen will work with them to help find a solution. If you purchased directly from Pen please contact your usual Pen representative.