Arthur J. Gallagher & Co.: Pen Underwriting Acquires Fender Marine AS

(RTTNews) - Arthur J. Gallagher & Co. (AJG) said its UK-based specialist underwriting subsidiary Pen Underwriting has acquired Fender Marine AS. The Norwegian managing general agent specializes in providing marine hull and protection & indemnity coverages for smaller fleets and specialist working vessels, and insurance for yachts and pleasure craft, cargo and subsea equipment. Terms of the deal were not disclosed.

Arthur J. Gallagher & Co. noted that Ola Skauge will continue to lead the team alongside founders Tore Hoisaether and Christian Lien. The business will become part of Pen Underwriting.