Quantuma advises on sale of Tay River Holdings to Pen Underwriting

Quantuma has advised on the sale of London-based shareholders Tay River Holdings, and its five specialist Managing General Agents (MGAs) to Pen Underwriting, for an undisclosed sum.

Quantuma said that the deal adds more than £90m of gross written premium and a “17-strong” team of specialist underwriters in marine liability and trades to the underwriting and distribution giant, Pen.

Founded in 2020, by marine underwriters Paul Hartley, James King and Chris Goddard, Tay initially comprised three niche MGAs (Vessel Protect, Trafalgar Marine Trades and BMM Ports and Terminals) which have achieved “strong growth”.

The group has since launched two new MGAs trading as Freeboard Maritime and Fortify Marine.

Tay River Holdings and its five MGAs are backed by the A-rated security of Lloyd’s syndicates.

The acquired group specialises in marine trades’ liability, ports and terminals liability, marine war risks and kidnap and ransom, maritime professional indemnity, freight and logistics insurance, as well as brown water hull insurance.

Quantuma director and corporate finance specialist, Adrian Howells oversaw the sales process on behalf of the shareholders, which was led by manager, Richard Hill.

Howells and Hill negotiated the technical and commercial aspects of the deal on behalf of the shareholders and completed the deal by achieving exchange in short order.

The Quantuma team worked closely with Sam Jones and Rick Life of TLT LLP to deliver the transaction.

Hartley, Tay River Holdings managing director, said: “…Adrian and Richard provided excellent advice and support, adapting to the needs of the transaction and shareholders to ensure the deal was executed efficiently.

“They quickly understood the intricacies of the group finances and how any complications could be pragmatically managed, while contributing ideas for maximising value. I would happily recommend them to anyone seeking investment or selling a business.”