Pen Underwriting has acquired Norwegian specialist marine managing general agent Fender Marine for an undisclosed sum.
Founded in 2005, Fender is led by chief executive Ola Skauge. The Bergen-based company generates £14m ($17.8m) in gross written premium annually.
It is backed by long-term A-rated capacity and is a Lloyd’s cover holder.
It provides both hull and machinery and protection and indemnity cover.
Pen will include Fender in its international and financial lines division as it seeks to expand its geographic footprint beyond the UK.
Skauge said: “It makes sense for Fender to become part of a larger, like-minded business such as Pen, equally committed to underwriting expertise and specialist claims handling, as we look to broaden our range of risk solutions for our brokers and their clients.”
Pen, a part of the Gallagher group of companies, describes itself as a “virtual underwriter” that can fulfil all the typical functions of an insurance company — from underwriting, sales and distribution, pricing and analytics, product innovation, risk and governance through to claims handling.
It has set the goal of becoming a £1bn gross written premium underwriting and distribution business and has recently set its sights on the marine sector as a growth area.
Last month, Pen acquired Tay River Holdings, which has interests in Vessel Protect, Trafalgar Marine Trades and BMM Ports & Terminals.
It has also taken on Munro Anderson, co-founder of security company Dryad Global, as head of operations at Pen’s war risk operation, Vessel Protect.
Pen chief executive Tom Downey said Fender is a “fantastic fit for Pen, offering complementary capabilities to our newly established, internationally focused, marine specialism”.
