Pen Underwriting makes splash into specialist marine sector with acquisition

London-based insurer Pen Underwriting has secured a deal to buy Tay River Holdings as it looks to enter the specialist marine market.

The acquisition, which includes Tay’s wholly owned marine specialist subsidiaries, will add £90m of gross written premium (GWP) and a 17-strong team of specialist underwriters to Pen, a statement released yesterday (3 April 2023) said.

It added that Tay had grown “strongly and organically into a go-to-market for marine business”.

Pen chief executive Tom Downey said the company had found a “high quality underwriting business that shares our focus on writing profitable and sustainable business”.

“Having identified the specialty marine market as a core area of capability that we are keen to add to Pen’s existing breadth of specialisms, the challenge was on to find the right partner,” he said.

“The underwriting skill and expertise of Tay’s management team in their respective niches within marine liability and trades is exemplary and has empowered them to build a well respected, dynamic and diverse business of real scale at an impressive pace.”

‘Next Level’

Tay was established in 2020 by marine underwriters Paul Hartley, James King and Chris Goddard.

Based in Lime Street, London, Tay deals exclusively through brokers and specialises in marine trades’ liability, ports and terminals liability, marine war risks and kidnap and ransom.

Hartley said: “Now we want to take the business to the next level and Pen, with its depth of resources and established virtual insurer infrastructure, offers us the ideal home to continue our story of expansion and diversification in niche areas of the marine market.

“It is exciting to be able to help Pen broaden its capabilities while securing for our people all the benefits and support of becoming part of a larger organisation that still stays true to the agile mindset and client focus of a burgeoning business.”