Pen Underwriting has acquired specialist Norwegian MGA Fender Marine to expand its marine specialism and establish its first on-the-ground international branch presence.

Headquartered in Bergen, with an office in Oslo, Fender specialises in providing marine hull and protection & indemnity coverage for smaller fleets and specialist working vessels, as well as cover for larger yachts and pleasure craft, and cargo and subsea equipment.

Founded in 2005 by chairman and director Tore Høisæther and director Christian Lien, Fender has grown into a major Norwegian marine MGA and Lloyd’s coverholder. Its 17-strong team generates £14m gross written premium and is led by CEO Ola Skauge. It will become part of Pen’s international & financial lines division as the firm looks to expand its geographic footprint beyond the UK.

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.”

Fender’s CEO Ola 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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