Pen Underwriting CEO Paul Lynam has left the company three years after selling his Lloyd’s agency SRS to Arthur J Gallagher.

US-based global broker Arthur J Gallagher merged its UK and Australian underwriting agency brands under the Pen Underwriting brand in November last year.

A statement to staff from Asia-Pacific Chairman Peter Searson says he and Mr Lynam “have been discussing his future and he has made the decision to move on”.

However, Mr Lynam says in a LinkedIn post that he has left the company “following redundancy” and has begun 12 months’ gardening leave.

There is no successor in place yet, with Arthur J Gallagher saying Mr Searson will act as CEO “in the interim period”.

Mr Searson says Mr Lynam “will work out his notice on gardening leave and there is no impact on Pen Underwriting’s clients or products”.

“He has made a significant contribution to Pen Underwriting since he sold the business to us in 2012.”