Worldsource Insurance Network announced on Friday that it has entered into a contract with underwriter Leo Penney effective immediately.

With this contract — which will be limited to life and living benefit situations in which the mortality cost is $10,000 per year or more — Worldsource becomes one of a handful of managing general agencies whose advisors will have underwriting expertise at their disposal, further strengthening Worldsource’s commitment to its advisors as it stays true to its focus of providing high-end value added support to its independent network.

“A partnership with Leo puts our advisors on a new playing field,” said Bob Morden, executive vice president, Worldsource. “Leo’s background and tenure within the industry has earned him the reputation of being an underwriting expert and we are excited that he has agreed to support our advisors in this challenging arena.”

Through this unique partnership, Worldsource advisors will have the opportunity to access Penney’s expertise to consult on larger more complex personal and corporate life and living benefits cases for review and analysis to help mitigate potential problems and increase efficiencies.

Penney has more than 30 years of experience in the underwriting community helping producers package large cases for the best underwriting decision. His experience includes working for a major reinsurance company, at which he was responsible for underwriting operations in Canada, the United States and Caribbean. Penney also worked directly with producers, their clients and advisors to resolve complex underwriting challenges, not only from a medical and financial underwriting perspective, but also with respect to avocation, foreign travel and other risk factors.

Penney’s involvement at the point of sale has also led to better underwriting decisions as well as helped place rated cases. Morden continues, “Leo believes strongly that the best time to impact an underwriting decision is at the beginning of the process so that the client can be presented most favourably, and we agree. This is why we have hired someone with his caliber to play such an important role for our advisors.”

Penney will be working out of Toronto.