ABAX Group expands into data-driven car insurance with strategic acquisition of RA Forsikring AS
Larvik, Norway – 29 May 2024 – Fair Insurance AS, a member of the ABAX Group, a leading European telematics company, announces the acquisition of RA Forsikring AS, the insurance broker specialized in serving the Norwegian taxi sector. This strategic move expands ABAX's position in the rapidly evolving data-driven insurance sector and brings new expertise to the company.
“We are delighted to join the ABAX Group – this transaction validates our innovative offering that has pioneered a new standard for the Norwegian taxi industry. This symbiotic InsurTech partnership will significantly increase our addressable market and accelerate our growth. We are excited to benefit from ABAX’s profound data-driven verticalized Tech stack that we’re convinced will drive synergistic innovation and a unique value proposition for our growing customer base, leveraging the power of data and telematics.”, says Ole Erik Alnæs, Chairman of RA Forsikring.
“Over the past five years, ABAX has emerged as a leader in utilizing smart mobility data across Europe. Acquiring RA will provide us with an accelerated growth path in Norway, boosting the development of our insurance business Fair and aligning with our strategic goals of sustainable growth and data-driven innovation.", says Emma Dyga, CEO of ABAX Group.
“Integrating RA Forsikring and their Taxi Insurance customer base into Fair Insurance AS allows us to further develop an attractive insurance alternative tailored for the taxi industry, and paves the way for expansion into additional markets and industries." says Jørgen Johansson Skalleberg, CEO of Fair Insurance AS.
With Fair's advanced technology platform and data insights, Fair and RA will create a highly transparent insurance product that helps professional drivers actively manage their risk on the road.
Contact: Ole Erik Alnæs, Chairman
Email: oea@forsikring.taxi
Mobile: +47 957 45 767
Press Contact: Jørgen O.J. Skalleberg, CEO, Fair Insurance AS
Email: jorgen.johansson.skalleberg@faircarinsurance.com
Mobile: +47 934 29 979
About ABAX:
ABAX is a leading European telematics IoT (Internet of Things) platform providing connected mobility solutions for vehicle tracking, tool tracking, and equipment control.
ABAX’s mission is to deliver mobility data insights that empower customers to do more with less. They support businesses that rely on field workforces for production, delivery, and maintenance of products, goods, and services. By offering actionable data insights and automated reporting, we help customers optimize field operations, comply with regulations, and achieve significant operational savings.
With over 500,000 tracked mobile assets and more than 40,000 customers, ABAX has a proven track record of translating customer needs into powerful solutions through our advanced data insights platform.
About Fair Insurance AS:
Fair Insurance is a new, independent commercial car insurance brand developed to deliver data-driven value to insurance customers. Eir Insurance AB handles distribution, coverage, claims, and administration on behalf of Fair. As a subsidiary of ABAX, Fair provides a unique offer to ABAX's current customers in Norway, covering over 200,000 connected vehicles.
About RA Forsikring:
Based in Hamar, RA Forsikring specializes in insurance tailored for the taxi industry. The team has been serving this sector for over 20 years under the Taxi Insurance brand. RA collaborates with Eir Försäkring AB, Duvi Pension, and Matrix Insurance AS to provide comprehensive insurance solutions.
