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U.K.-based managing general agent Pen Underwriting Ltd. has acquired U.K.-based managing general agent Tay River Holdings Ltd. and its fully-owned marine specialist subsidiaries Vessel Protect Ltd., Trafalgar Marine Trades Ltd. and BMM P&T Ltd., Reinsurance News reported. Tay deals exclusively through brokers and specializes in marine trades’ liability, ports and terminals liability, marine war risks as well as kidnap and ransom.