Gjensidige acquires Tennant
Gjensidige has entered into an agreement concerning the acquisition of Swedish general insurance company Tennant Insurance Group AB, including its subsidiary Tennant Forsäkring AB, which operates in both Sweden and Norway.
Subject to approval by the authorities, Gjensidige will take over all shares in Tennant, whose largest owners are Holta Invest (49%) and companies associated with the Höegh group (25%).
The acquisition is part of Gjensidige's strategy of expanding its general insurance activities in the Nordic region, and offers a way into the Swedish market. It also lays further groundwork for the development of a Nordic business model. At the same time, the acquisition provides a platform for focusing on white label services, which are in substantial demand in the insurance market. Tennant's work in this area goes back several years, and includes partnerships with Toyota (for Toyota insurance) and Sandnes Sparebank.
DnBNOR Markets and ABN AMRO provided financial advice to Tennant and Gjensidige respectively.
About Tennant
- 100,000 customers
- A total of 84 employees divided between Oslo and Stockholm
- Premium volume of approx. SEK 540 million
- Offers insurance for vehicles, buildings and contents, boats, travel and some areas of commerce
About Gjensidige
- Market leader in the Norwegian general insurance sector
- Approx. NOK 15 billion in premium income
- NOK 3.7 billion in operating profit in 2006
- Has launched banking and savings operations in Norway
- Activities in Denmark and the Baltic
Informasjonsdirektør Øystein Thoresen. Tlf: 95233382
Visekonsernsjef Tor Magne Lønnum. Tlf: 97164830