Gjensidige Forsikring ASA has agreed to acquire NEM Forsikring A/S in Denmark
Gjensidige Forsikring has agreed to acquire NEM Forsikring A/S (NEM), a P&C insurance provider in Denmark. The acquisition is subject to amendments in NEM’s articles of association and approvals from the Danish Financial Supervisory Authority and The Danish Competition and Consumer Authority. The acquisition is expected to be completed during the second half of 2021.
The acquisition will strengthen Gjensidige’s ability to generate profitable growth in Denmark. NEM’s customer portfolio, partners and insurance products make a good strategic fit for Gjensidige.
NEM offers P&C insurance products to private and commercial customers in Denmark, both directly and through partners. NEM has attractive partnership agreements with savings banks, real estate agents and a trade union, offering growth potential for Gjensidige in Denmark. NEM’s reported gross written premium less discontinued business, amounted to just below DKK 200* million in 2020. Results have been steadily improving over the past years. NEM has 60 employees.
The parties have agreed not to disclose the purchase price.
* Reported earned premiums in 2020 were DKK 271,786 million, of which DKK 78,818 million related to the insurance agent NEXT which was spun off in November 2020.
Contact persons, Gjensidige Forsikring ASA:
Head of Investor Relations Mitra Hagen Negård, Tel: +47 957 93 631
Head of Communication Øystein Thoresen, Tel: +47 952 33 382
Gjensidige is a leading Nordic insurance group listed on the Oslo Stock Exchange. We have about 3,700 employees and offer insurance products in Norway, Denmark, Sweden and the Baltic states. In Norway, we also offer pension and savings. The Group's operating income was NOK 28 billion in 2020, while total assets were NOK 118 billion.