Arthur J. Gallagher Buys Fender Marine To Boost International Footprint - Arthur J. Gallagher (NYSE:AJG)

Arthur J. Gallagher & Co (NYSE:AJG), through its U.K.-based specialist underwriting subsidiary, Pen Underwriting, disclosed the buyout of Norwegian managing general agent (MGA) Fender Marine AS for undisclosed terms.

Based in Bergen and Oslo, Fender offers marine hull and protection & indemnity coverages for smaller fleets and specialist working vessels. The company also provides 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. We are very pleased to welcome Ola, Tore, Christian and their associates to our growing, global team," said J. Patrick Gallagher, Jr., Chairman, President, and CEO.

AJG has been on an acquisition spree recently, with the buyout of Bernard Benefits and Bernard Healthcare Financial Planning, and Ken Brown, Inc. for an undisclosed amount in May.

Also Read: Arthur J. Gallagher Acquires Ireland-Based Allied Risk Management To Boost Actuarial Capabilities

Price Action: AJG shares closed lower by 0.11% at $215.95 on Wednesday.

AJGArthur J. Gallagher & Co

$253.90-0.79%

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