OSLO, NORWAY: Gjensidige Forsikring has agreed to acquire PenSam Forsikring (PF), a P&C insurance provider in Denmark. The acquisition is subject to regulatory approvals in Denmark and Norway and is expected to be completed during the fourth quarter of 2023.
The acquisition will strengthen Gjensidige’s ability to generate profitable growth in Denmark. The parties have agreed not to disclose the purchase price.
PF’s customer portfolio and insurance products make a good strategic fit for Gjensidige. PenSam Forsikring offers P&C insurance products to 485,000 members of PenSam Pension in Denmark.
Gjensidige has entered into a partnership agreement with PenSam Pension and PenSam Bank with respect to distribution of P&C insurance in Denmark.
PF’s reported gross earned premiums of DKK 118 million and a combined ratio of 110 per cent, reflecting a high cost base. Gjensidige sees significant potential to improve cost efficiency for the portfolio.
Gjensidige is a leading Nordic insurance group listed on the Oslo Stock Exchange. We have about 4,200 employees and offer insurance products in Norway, Denmark, Sweden and the Baltic states. In Norway, we also offerpension and savings. The Group’s operating income was NOK 34 billion in 2022, while total assets were NOK 135 billion.
Gjensidige Forsikring acquires Falck Räddningskår for SEK 1.4bn