LB Forsikring and GF Forsikring have entered into an agreement to acquire stakes in Gensam, an IT and services company providing solutions to the insurance industry.
As part of the transaction, LB Forsikring and GF Forsikring will each acquire a 45% ownership interest in Gensam, while Himmerland Forsikring, the current sole owner, will retain a 10% ownership interest. The three member owned insurance companies will thus have a joint platform and services company to support their core businesses through digitalisation, increased efficiency and lower unit costs.
Gensam’s platform will form the basis of a shared core system for the participating insurance companies, which have more than one million members combined. LB Forsikring and GF Forsikring are expected to migrate to the new IT platform within a five year period.
The transaction is subject to approval by the relevant authorities.
Accura advised LB Forsikring and GF Forsikring on the transaction.