Possible co-operation
have agreed to examine together the possible benefits of forming a jointly owned management company through which to manage the operations of the Marine and Energy Division ("ME")in if... and of Gard.
if... is the new P&C insurance group recently agreed to be formed by the amalgamation of the P&C insurance
interests of Skandia (including Vesta Marine and Energy), Storebrand and Pohjola. ME is the leader in its field in Scandinavia and a major global force with an estimated market share of some 6% to 7%. Gard is one of the world's leading Protection and Indemnity insurers with a total of about 90 million gross tons entered.
John Bernander, Managing Director of Gard says :
"Whilst our discussions are at a preliminary stage, we believe there may be real benefits to our Members and to ME`s clients in amalgamating our management operations.There appear to be significant opportunities to save costs and to provide improved services. But such an amalgamation would be breaking new ground and no decision will be taken until both sides have been able fully to assess the likely benefits and drawbacks."
Tom Rathke, Chief Financial Officer of if..., states:
"We had already decided that ME required an innovative and separate management structure. We find the idea that this structure might best be provided in conjunction with Gard an exciting, but challenging concept. We believe it can be made to work to the benefit of shipowners, and we certainly intend to find out."
The two parties will engage in exclusive negotiations with the objective of reaching an agreement to establish such a novel joint management company to start operations with effect from next year. A decision on whether to proceed will, of course, have to be taken by the Board of if...and by the Govering Corporate Bodies of Gard.
Please refer any questions to : <br> <br>John Bernander, c/o Gard P&I, Japan, Tokyo, <br>Tel. +81 3 35 03 92 91, mobile +81 90 30 95 29 23 <br>Or e-mail: john.g.bernander@gard.no <br> <br>Tom Rathke, Tel. +46 8 788 3225, mobile +47 900 90 445 <br>or e-mail: tom.rathke@skandia.se <br> <br>