Pen Underwriting today that it has acquired specialist Norwegian managing general agent Fender Marine AS for an undisclosed sum, to further deepen and expand its marine specialism and establish its first on-the-ground international branch presence.
Founded in 2005 by Chairman and Director Tore Høisæther and Director Christian Lien, Fender has since grown into a leading Norwegian marine MGA and Lloyd’s coverholder. Backed by long-term A-rated capacity, its 17-strong team generates £14m gross written premium (“GWP”) and is led by CEO Ola Skauge. It will become part of Pen’s International & Financial Lines division as Pen looks to expand its geographic footprint beyond the UK.
Headquartered in Bergen, with an office in Oslo, Fender specialises in providing marine hull and protection & indemnity (“P&I”) coverage for smaller fleets and specialist working vessels; insurance for larger yachts and pleasure craft; and cargo and subsea equipment.
Commenting on the acquisition, Tom Downey, CEO of Pen Underwriting, said: “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.
“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.”
Fender CEO Ola Skauge said: “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.”
