Arthur J. Gallagher & Co.’s Pen Underwriting has acquired Norwegian MGA Fender Marine AS (Fender).
As part of the mandate, the business will become part of Pen Underwriting, the UK-based specialist underwriting subsidiary of Arthur J. Gallagher & Co.
Based in Bergen and Oslo, Fender specialises in providing marine hull and protection. It also covers indemnity coverage for smaller fleets and specialist working vessels.
Ola Skauge, CEO of Fender, will continue to lead the Fender team alongside founders Tore Hoisaether and Christian Lien.
Commenting on the acquisition, J. Patrick Gallagher, chairman, president and CEO, says: "Fender is a highly-regarded firm with an excellent track record of growth. Its areas of marine expertise complement Pen's existing capabilities and provide a platform for international expansion."
Skauge adds: “There’s a real dynamism about the marine market right now, with MGAs like ours not only attracting 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.”
