Gjensidige to acquire Gouda Travel Insurance

Gjensidige Forsikring ASA is acquiring Gouda Travel Insurance from the Dutch company Goudse Schadeverzekeringen N.V.

Gouda Travel Insurance offers travel insurance to private individuals and enterprises, including expat employees. Gouda’s business in the Nordic countries recorded earned premiums of EUR 38.5 million (approx. NOK/DKK 290 million) in 2012. They also have operations outside the Nordic region that are not included in the transaction.

-The acquisition of Gouda Travel Insurance gives Gjensidige valuable expertise in an attractive and growing market segment. We are particularly pleased about strengthening our position in the corporate market and in relation to travel agents, says Kim Rud-Petersen, who is Executive Vice President of Gjensidige's Nordic division.

Gouda Travel Insurance has 148 employees across three offices in Denmark, Norway and Sweden. The company is profitable, and there are possibilities for synergies with Gjensidige's operations. The business will be part of Gjensidige's Nordic division, which is managed from Denmark.

-We are constantly seeking profitable growth in the Nordic region, and we are convinced that this acquisition will strengthen both Gjensidige and Gouda Travel Insurance, says Kim Rud-Petersen.

Jesper Kjeldsgaard, CEO of Gouda Travel Insurance, is pleased that it is Gjensidige that is acquiring Gouda.

-We have grown strongly in recent years, and Gjensidige has taken note of the quality of the service we provide to our customers. This acquisition is an acknowledgement of our company and it will give us the strength we need to grow further, says Kjeldsgaard.

The transaction is contingent, among other things, on approval from the relevant authorities, which is expected to be granted later this year.

The parties have agreed not to disclose the purchase price.

Facts:

Goudse Schadeverzekeringen N.V: A family-owned insurance company with head office in the Netherlands.

Gouda Travel Insurance: Established in the Nordic countries in 1994. Operates in Denmark, Norway, Sweden and Finland under the brand names Gouda Rejseforsikring, Gouda Reiseforsikring, Gouda Reseförsäkring and Gouda Matkavakuutus. Specialises in travel insurance and insurance for expat employees.

Gjensidige Forsikring: Norway's biggest general insurance company with operations in Denmark, Sweden and the Baltics. Total operating revenues of approx. NOK/DKK 19.5 billion in 2012. Approximately 3,100 employees before the acquisition of Gouda Travel Insurance.

For further queries, please contact
Communications officer Trine Andrup, +45 27 52 51 06

Gjensidige is a leading Nordic insurance group built by customers, for customers. The Group has been listed on the Oslo Stock Exchange since 2010. For nearly 200 years, we have worked passionately to secure the lives, health and assets of our customers. We have about 3,100 employees and offer insurance products in Norway, Denmark, Sweden and the Baltic states. In Norway, we also offer banking, pension and savings. Operating income was NOK 19.5 billion in 2012, while total assets was NOK 94.2 billion.

About Us

Gjensidige is one of the leading players in the Nordic general insurance market. The group offers general insurance products in Norway, Sweden, Denmark and the three Baltic countries. In addition the group offers online retail banking, pension and savings products and health care services in Norway. Gjensidige is one of Norway’s most well-known brands. Both the company logo and the Watchman have a high recognition factor. The roots of the general insurance operations can be traced back to the 1820s, while the Watchman has been an insurance trademark for more than 75 years. 2007 and 2008 saw the launch of the Watchman logo in the other countries where Gjensidige offers insurance products. The group’s health services has been branded Hjelp24.

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