’The business, with its well-respected management team, creates a superb platform for our wider international expansion,’ says chief executive
London-based insurer Pen Underwriting has acquired Fender Marine AS as it looks to expand its marine specialism, a statement released yesterday (6 July 2023) said.
Fender specialises in providing marine hull and protection and indemnity coverage for smaller fleets and specialist working vessels as well as insurance for larger yachts and pleasure craft.
The acquisition will see the Norwegian firm become part of Pen’s international and financial Lines division as the MGA looks to expand its geographic footprint beyond the UK.
Tom Downey, chief executive of Pen, said: “The team’s shared focus on underwriting discipline, proactive capacity management and sector expertise made Fender a natural and attractive acquisition partner for us.
“But, more than that, the business with its well-respected management team creates a superb platform for our wider international expansion.
“Having a physical presence in Continental Europe will enable us to accelerate our growth in underwriting worldwide business, having steadily invested in increasing the proportion and range of risks we write from outside the UK in recent years.”
’Fantastic fit’
Fender was founded in 2005 by chairman and director Tore Høisæther and director Christian Lien.
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Led by chief executive Ola Skauge, the firm generates £14m in gross written premium and is backed by long-term A-rated capacity.
Downey added: “Fender is a fantastic fit for Pen, offering complementary capabilities to our newly established, internationally focused, marine specialism.
“That means we can already offer even more risk solutions to our brokers and their clients operating in this industry and we couldn’t be happier that Tore, Christian, Ola and their colleagues have chosen to join the Pen family.”
Skauge added: “There’s a real dynamism about the marine market right now.
”A favourable rating environment, coupled with transactional innovation, increased digitalisation and alternative distribution in a very traditional market, have made MGAs like ours not only attract long-term, committed capacity but entrepreneurial underwriting talent.
“That’s why 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 own range of risk solutions for our brokers and their clients.
“We are looking forward to exploring all the opportunities for our colleagues, capacity and clients that being part of a larger MGA and global group offers.”
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