Not much time has passed since Pen Underwriting first announced its ambition to become a £1 billion GWP underwriting and distribution business. Today Insurance Business can reveal the latest move in its ambitious growth strategy – the acquisition of Tay River Holdings’ group of marine businesses.
In a letter seen by Insurance Business, it was announced that Pen is in the advanced stages of acquiring the specialist marine MGAs trading as Trafalgar Marine Trades, Vessel Protect, BMM Ports & Terminals, Freeboard Maritime and Fortify Marine.
According to the letter, on or around April 1, 2023, all business conducted under these trading names will be transferred to Pen. From the transfer date, all new business, including any renewals of the policies affected by the transition, will be placed and invited by Pen - while Pen will continue to be responsible for any mid‐term adjustments, administration and any claims-related services pertaining to the run-off policies.
Pen assured brokers in its letter that it will look to minimise any disruption to the business during this transition period and emphasised that there will be no change in the way that business is conducted with its broker partners on a day‐to‐day basis.
In response to a request for comment from Insurance Business, a spokesperson from Pen said: “Pen Underwriting’s ambition to become a £1 billion gross written premium underwriting and distribution business is well-known, as is our intention to achieve that goal through strategic acquisitions and hires, as well as organic growth.
“As such, we are always on the look-out for high-quality, well-managed, specialist underwriting businesses led by entrepreneurial and respected management teams to join the Pen family that will further enhance our offering to our brokers and coverholders.
“We can confirm we are currently in the advanced stages of acquiring one such group of businesses – the specialist marine MGAs trading as Vessel Protect, Trafalgar Marine Trades, BMM Ports & Terminals, Freeboard Maritime and Fortify Marine – with deal completion set for 1 April 2023, and further detail will follow once the transaction has been completed.”
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