Pen Underwriting has acquired Tay River Holdings and its wholly owned marine specialist subsidiaries Vessel Protect, Trafalgar Marine Trades and BMM Ports & Terminals for an undisclosed sum.

Established in 2020 by marine underwriters Paul Hartley, James King and Chris Goddard, Tay initially comprised the three niche MGAs, backed by Lloyd’s syndicates. It has since grown into a market for marine business with a team of 17, generating more than £90m gross written premium.

Based on Lime Street, London, and underwriting worldwide business, Tay deals exclusively through brokers and specialises in marine trades’ liability, ports & terminals liability, marine war risks and kidnap & ransom. More recently, it has expanded into maritime professional indemnity, freight and logistics insurance, as well as brown water hull through two new MGAs trading as Freeboard Maritime and Fortify Marine.

Tom Downey, CEO of Pen Underwriting, 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. Their entrepreneurial talent and ambition have combined to create a standout marine specialist and we are absolutely delighted to be able to welcome Paul, James, Chris and their colleagues into the Pen Underwriting family.”

Paul Hartley, founder and managing director of Tay, said: “Full credit for the growth, performance and profitability of our portfolio over these first three years must be given to the skills and tenacity of our fantastic team of specialist underwriters. 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.”

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