The Danish insurance company Alm. Brand Forsikring A/S has sold its energy and marine activities Energi & Marine to the Norwegian insurance company Gard for a total price of DKK 1.6bn.
The sale of Energi & Marine is expected to take place by cash payment equivalent to DKK 1.13bn, while the equity freed up in the transaction is expected to amount to DKK 0.45bn. The total sum is expected to be distributed to the shareholders after the completion of the transaction in the form of extraordinary dividend, share buy-backs or a combination thereof.
The business area, focusing on insurances within energy and marine, became part of Alm. Brand Group in connection with the acquisition of Codan in May 2022 and has a total business volume of DKK 1.25bn in annual gross premium income. With the sale, Alm. Brand Group’s business profile will be streamlined even more, making it more simple and less volatile with a clearer focus on the Danish insurance market.
Gard is a globally leading insurance company within the P&I, marine and energy industries with gross premiums of USD 1.1bn and with more than 680 employees across 13 offices around the world. With the acquisition of Energi & Marine, Gard takes over approximately 50 employees and is planning to open its office no. 14 in Denmark.
The transaction is subject to the relevant regulatory approvals and is expected to be completed at the beginning of 2025.
Accura advised Alm. Brand in connection with the transaction.