Norwegian marine insurer Gard has sealed a deal to accumulate Danish insurer Codan‘s world M&E portfolio.
This $163m (Nkr1.74bn) deal marks a big growth for Gard, positioning it as a pacesetter within the renewable vitality insurance coverage sector. The acquisition worth represents roughly 11% of Gard’s whole fairness.
The acquisition will supply Gard a brand new workplace in Denmark and strengthen its workforce with the addition of fifty M&E insurance coverage specialists.
Gard CEO Rolf Thore Roppestad known as the deal a “complementary match” for the corporate, projecting a 15% enhance in Gard’s gross written premium.
This transaction, conditional upon regulatory consent, is due for completion in the beginning of 2025.
Roppestad acknowledged: “This transfer not solely reinforces our place inside the marine and vitality segments but in addition will increase our presence within the Danish market, permitting us to offer even higher service to our members and shoppers within the area.”
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Emphasising the strategic significance of the deal, he additional famous: “Importantly, this acquisition additionally implies that we’re strengthening our world workforce, constructing distinctive capabilities and experience inside enterprise areas that can solely develop in significance going ahead.”
Rasmus Werner Nielsen, CEO of Alm. Model Group, which is a part of Codan, additionally expressed assist for the transaction.
“With Gard, our vitality and marine actions may have an proprietor who will be capable of additional develop the market-leading actions on a world scale,” Nielsen remarked.
He highlighted the advantages for all events concerned, saying: “I’m happy that we’ve discovered a beautiful answer for our prospects and staff and a strategically good end result each for Alm. Model Group and for Gard.”
