A multi-terminal surge arrester which includes an active part extending along a longitudinal direction of the surge arrester, a first electrode resting against a first end of the active part, and a second electrode resting against a second end of the active part, which second end opposes the first end in the longitudinal direction of the surge arrester. The surge arrester further includes an insulating fixing device mechanically connecting and fixing the first electrode and the second electrode, and an insulating housing arranged around the active part. The active part includes at least two metal-oxide based varistor elements and a further electrode arranged between the at least two varistor elements, which further electrode provides an externally accessible electrical connection. Therein, the surge arrester is adapted for being insulated by surrounding air.