Arthur J. Gallagher & Co. Acquires Fender Marine AS

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07/06/2023 - 04:00 AM EDT

ROLLING MEADOWS, Ill., July 6, 2023 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced that its UK-based specialist underwriting subsidiary Pen Underwriting has acquired Norwegian managing general agent (MGA) Fender Marine AS ("Fender"). Terms of the transaction were not disclosed.

Based in Bergen and Oslo, Fender specializes in providing marine hull and protection & indemnity ("P&I") coverages for smaller fleets and specialist working vessels, as well as insurance for yachts and pleasure craft, cargo and subsea equipment. The business will become part of Pen Underwriting, and Ola Skauge will continue to lead the team alongside founders Tore Hoisaether and Christian Lien.

"Fender is a highly regarded firm with an excellent track record of growth whose areas of marine expertise complement Pen's existing capabilities and provide a platform for international expansion," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We are very pleased to welcome Ola, Tore, Christian and their associates to our growing, global team."

Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.

Investors: Ray Iardella, VP - Investor Relations	Media: Paul Day, Communications Manager
630-285-3661/ ray_iardella@ajg.com	630-285-5946/ paul_day1@ajg.com

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