What Fender Marine does

Fender Marine is a Norwegian insurance intermediary founded in 2005 and headquartered in Bergen, with a secondary office in Oslo. The company specializes exclusively in marine insurance, serving two distinct segments: private boat owners (recreational vessels, yachts, jet skis, marina/association members) and commercial maritime businesses (shipping, offshore, fishing, passenger, ferry, work boats, marina operators, cargo). It operates as a Coverholder at Lloyd's and acts as an appointed agent for international carriers including Munich Re group (Great Lakes Insurance SE), Norwegian Hull Club, Shipowners' P&I Club, and ERGO Group. The firm holds memberships in CEFOR, IUMI, and NORBOAT.

The product portfolio spans Hull & Machinery (Kasko), Protection & Indemnity (Rederansvar) with coverage up to USD 500 million, Sub-Sea Equipment, Cargo/Transport, Marina/Association, and Leisure Boat insurance, plus a sustainability-themed Grønn Kasko add-on. Supporting infrastructure is modest: an Azure-hosted "Min Side" customer portal for policy and claims management, a quote calculator tool, and the Fender+ loyalty benefits program integrating discounts from marine-sector partners. Technology is primarily web-based delivery rather than proprietary software, with no AI/ML capability disclosed.

Fender Marine generates revenue through insurance intermediation commissions paid by carrier partners on placed premiums. Distribution is sales-led and direct, executed via website quote request forms, phone advisory (Monday-Friday 09:00-14:00), callback scheduling, and the Fender+ ecosystem. Pricing is fully individualized based on vessel type, value, usage, and risk profile, with annual billing cycles. The company is privately held with no external investment disclosed, employs approximately 10 people, and operates under Norwegian jurisdiction with Norwegian-language documentation.

Name

Fender Marine

Legal name

Fender Marine

Website

https://fender.no

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Fender Marine is a Norwegian marine insurance intermediary founded in 2005, placing Hull & Machinery, P&I, cargo, sub-sea equipment, and leisure boat coverage for private boat owners and commercial maritime businesses through carrier partnerships with Munich Re, Lloyd's, and Norwegian Hull Club.

Ownership category

akta.pro rank

Product category

Marine Insurance

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Ocean Marine Insurance (Hull, Cargo & Freight) (FSAJAHAA)

akta.pro secondary industries

Protection & Indemnity (P&I) / Marine Liability Insurance (FSAJAHAH), Yacht & Pleasure Craft Insurance (FSAJAHAI)

Keywords

• Marine insurance
• Boat insurance
• Hull insurance
• Cargo insurance
• Insurance brokerage

Headquarters

HQ city

Bergen

HQ country

Norway

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Intermediation: Fender Marine operates as an insurance intermediary/broker, placing marine insurance policies on behalf of customers with their carrier partners. The company earns commissions or fees from insurance carriers (Munich Re group, Great Lakes, Norwegian Hull Club, Shipowners P&I Club, ERGO) for arranging coverage. Revenue is generated through intermediation of marine insurance products for both private boat owners and commercial maritime businesses.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Fender Marine is a Norwegian insurance intermediary that arranges marine insurance coverage on behalf of customers with carrier partners such as Munich Re group (Great Lakes), Norwegian Hull Club, Shipowners' P&I Club, and Lloyd's syndicates. It sells both private boat/yacht/jet ski policies and commercial marine policies covering Hull & Machinery, P&I, sub-sea equipment, cargo transport, and marina/association risks. The company earns commissions from carriers for placing these policies and supports customers with in-house claims handling, Norwegian-language documentation, and a digital customer portal.

Product overview

Fender Marine is an insurance intermediary specializing in marine insurance for both private and commercial markets. The company offers a portfolio of insurance products including Kasko (Hull & Machinery), Rederansvar (P&I), Spesialutstyr (Sub-Sea Equipment), Transport (Cargo Insurance), Marina/Forening, and Fritidsbåt (Leisure Boat Insurance) for private customers. Supporting the core products are the Min Side customer portal for policy management and claims tracking, the Fender+ benefits program offering partner discounts, and the Grønn Kasko green insurance add-on. The company operates as an agent for Munich Re group, Great Lakes, Norwegian Hull Club, and Shipowners P&I Club.

Differentiator

Problem solved

Functional benefit

Brands

• Fender+: Benefits program for Fender Marine policyholders offering discounts on marine equipment, fuel, hotels, and services

Products and services

• Fritidsbåt (Leisure Boat Insurance) Comprehensive hull insurance (kaskoforsikring) for recreational boats, covering accidental damage, theft, collisions, grounding, and storm damage for individual boat owners.
• Kasko (Hull & Machinery Insurance) Hull and machinery insurance for commercial vessels ranging from single boats to larger fleets, covering work boats, barges, tugboats, cargo ships, passenger ships, fishing boats, ferries, and construction risk with time loss coverage.
• Rederansvar (Protection & Indemnity / P&I Insurance) Protection and Indemnity insurance protecting commercial maritime clients against third-party liability from maritime operations, placed through Shipowners Club with insurance sums up to USD 500,000,000, covering Fixed P&I, specialist operations, and charterer's liability.
• Spesialutstyr (Sub-Sea Equipment Insurance) Insurance solutions for underwater and offshore equipment including ROVs, AUVs, trenchers, diving equipment, net cleaners, cranes, and other offshore, service, and fishery-related products.
• Transport (Cargo / Transport Insurance) Cargo and transport insurance protecting cargo owners against loss and damage during transport, covering raw materials, machinery, household goods, warehouse risks, frozen goods, and project shipments under Nordic Cargo Terms and ICC terms.
• Marina / Forening (Marina & Association Insurance) All-risk coverage for boat clubs, marinas, and floating installations, covering floating piers, buildings, machinery, association boats, work boats, inventory, slipways, cranes, accident and liability, and business interruption.
• Vannscooter (Jet Ski / Water Scooter Insurance) Insurance coverage for jet skis and water scooters, also extending to recreational boats, charter and passenger boats, demo boats, course/training vessels, and association boats.
• Grønn Kasko (Green Hull Insurance) Eco-friendly hull insurance product supporting circular economy by encouraging reuse of quality refurbished parts and repairs at workshops meeting health, safety, and environmental standards.
• Min Side (Customer Portal) Online self-service portal providing access to personal information, active agreements, renewals, insurance documents, damage reporting, and damage case tracking for private boat insurance customers.
• Forsikringsformidling (Insurance Broking Service) Marine insurance intermediary services acting on behalf of major insurance companies in Norway, Germany, and Lloyd's for both private and commercial marine insurance markets, placing policies with carrier partners and earning commissions.

Quantifiable outcome

• Ships documents in Norwegian language under Norwegian jurisdiction and legal practice
• +1 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Partnerships

13 partnerships are on record, tiered core and minor.

• Munich Re Group / Great Lakes Insurance SEcoreStrategic or Co-development PartnerGreat Lakes Insurance SE is a fully owned subsidiary of Munich Re Group. They provide insurance services including Kasko, leisure boat, transport, marina, and sub-sea equipment coverage. Rated A+ by A.M. Best and AA- by S&P. Fender represents them as agent for various marine insurance products.
• Norwegian Hull ClubcoreStrategic or Co-development PartnerOne of the world's largest pure marine underwriters, established in 1837. Provides Kasko insurance coverage. Insures more than 11,500 units globally. Fender represents them as agent for Kasko coverage.
• Shipowners' Mutual Protection and Indemnity AssociationcoreStrategic or Co-development PartnerProvides P&I (Protection & Indemnity) insurance for vessels. Member of International Group, insuring over 90% of world's ocean-going tonnage. A-rated by Standard & Poor's. Fender offers Fixed P&I, Specialist operations, and Charterer's Liability through this partnership.
• CEFOR - The Nordic Association of Marine InsurerscoreStrategic or Co-development PartnerRepresents members' common interests in marine insurance, contributing to sustainable ocean industry. Fender is a member and participates in market developments and industry advocacy.
• IUMI - International Union of Marine InsurancecoreStrategic or Co-development PartnerRepresents over 40 national marine insurance associations covering more than 90% of world marine insurance premium. Fender participates through membership for market intelligence and industry engagement.
• NORBOAT - Norwegian Boat Industry AssociationminorStrategic or Co-development PartnerRepresents Norwegian recreational boat industry. Fender participates to stay connected with boat market developments and industry standards.
• ERGO GroupminorStrategic or Co-development PartnerInternational insurance group represented in about 30 countries, concentrating on Europe and Asia. Provides marine insurance coverage through Fender.
• Munich Re Syndicate Ltd (Syndicate 457 at Lloyd's)coreStrategic or Co-development PartnerLeading marine and specialty underwriter at Lloyd's. Fender is approved as Coverholder at Lloyd's, providing access to all syndicates. One of the leading marine underwriters known for professionalism and quality service.
• Buholmen BåtminorGTM or Marketing PartnerBoat dealer based in Northern Norway. Partnership established for boat purchase referrals and tips sharing. Collaboration aims to help customers with boat buying decisions and insurance needs.
• Sensar MarineminorGTM or Marketing PartnerBoat monitoring technology provider. Part of Fender+ benefits program - customers with Sensar Marine Boat Monitor get 10% premium discount plus 2000 NOK discount on product (3990 NOK regular price 5990 NOK).
• Regatta ClothingminorGTM or Marketing PartnerSafety clothing and life vest provider. Part of Fender+ benefits - 30% discount on selected flotation apparel range using code FENDER_M1TXP51.
• Wave KompetanseminorGTM or Marketing PartnerBoat license and speed course provider. Part of Fender+ benefits - 20% discount on all courses including classroom and online boat license courses, and high-speed courses using code Fender2025.
• Bunker OilminorGTM or Marketing PartnerFuel station network along Norwegian coast. Fender+ benefits include 50 øre discount on gasoline and 90 øre on diesel per liter (ex. VAT) for Fender insurance customers using code Fender+fordelsprogram.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Gard: Norwegian-headquartered P&I and marine insurance club. Like Fender, Gard specializes in marine cover (P&I, hull, offshore) and serves both Norwegian and international clients from Norway, making it the closest Norwegian marine-insurance peer for Fender's commercial book.
• British Marine: UK leisure boat insurance specialist providing recreational craft cover to boat owners and marine businesses. Closest analogue to Fender's leisure boat, jet ski, and marina book outside the Nordics.
• Skuld: Norwegian P&I club offering marine insurance to shipowners worldwide. Operates from Oslo and overlaps directly with Fender's P&I and hull placements for Norwegian and Nordic maritime clients.

Broad incumbents

• Willis Towers Watson (WTW): Global advisory and insurance broker with marine and energy capabilities. Competes with Fender in hull, P&I, and offshore placements as part of a much broader corporate risk portfolio.
• Aon: Global insurance and reinsurance broker with a substantial marine practice. Competes with Fender for large commercial marine placements while serving far broader corporate risk needs.
• Marsh McLennan: Global insurance broker with a dedicated Marine practice covering hull, P&I, and cargo. Overlaps with Fender on commercial marine accounts while offering enterprise-wide risk advisory.

Regional players

• If (Sampo Group): Nordic insurance group with marine and boat insurance products across the Nordics and Baltics. Overlaps with Fender in Norwegian and Nordic marine insurance distribution.
• Tryg: Nordic insurance group with marine offerings across Norway, Sweden, and Denmark. Direct Nordic-region competitor for Fender's leisure and small-commercial marine book.
• Gjensidige: Norwegian insurance group with a marine and leisure craft segment. Competes with Fender in the Norwegian private boat and small commercial marine insurance market.

Others

• Norwegian Hull Club: Pure marine hull underwriter (est. 1837), insuring 11,500+ vessels globally. While Fender represents them as agent, NHC is a peer-in-spirit in marine insurance and shares Fender's Norwegian and marine-only focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fender Marine