STOREBRAND ASA: Acquisition of portfolios from Insr
Storebrand Forsikring AS, a wholly owned subsidiary of Storebrand ASA, has entered into an agreement with Insr Insurance Group ASA ("Insr") to acquire specific insurance portfolios from Insr. Storebrand Forsikring AS will acquire the right and obligation to renew policies within the portfolios.
- We look forward to welcoming many new retail and SME insurance customers to Storebrand. The acquisition will strengthen Storebrand's position within insurance, says EVP Retail Market, Heidi Skaaret.
Transfers of customers from Insr to Storebrand will take place gradually and is expected to commence before the end of 2020. Storebrand will pay Insr 20-30% of renewed written premiums. Storebrand has guaranteed a minimum payment of NOK 70 million to be paid no later than 6 months after the end of the renewal period. The total transaction is estimated to marginally reduce Storebrand Group’s solvency ratio of less than one percentage point.
Storebrand Forsikring AS's premiums f.o.a. grew by 14% over the last 12 months compared to the previous 12 months. Storebrand currently holds a 3.9% market share in the retail market for property and causality (P&C) insurance, while Insr holds a market share of 2.2%.
The transaction is subject to the approval from Insr's shareholders at an extraordinary general meeting to be held by the end of September 2020, as well as the approval from the Norwegian Financial Supervisory Authority and the Norwegian Competition Authority.
ABG Sundal Collier acts as financial advisor and Wikborg Rein as legal advisor to Storebrand in the process.
Lysaker, 14 August 2020
For further inquiries, please contact:
Group Head of Strategy, Finance and M&A, Kjetil Ramberg Krøkje:
kjetil.r.krokje@storebrand.no or (+47) 934 12 155
Head of Investor Relations and Rating, Daniel Sundahl:
daniel.sundahl@storebrand.no or (+47) 913 61 899
Media requests:
Press Relations Manager, Synnøve Halkjelsvik
synnove.hjelle.halkjelsvik@storebrand.no or (+47) 957 45 105
Storebrand's ambition is to provide our customers with financial freedom and security by being the best provider of long-term savings and insurance. Storebrand will deliver sustainable solutions adapted to the customer's individual situation, so that each person receives a better pension in a more sustainable world. Storebrand has about 40.000 corporate customers and 2 million individual customers, and has its headquarter at Lysaker outside of Oslo, Norway. Storebrand manages NOK 880 bn and is one of the largest asset managers in the Nordics. We work hard to fulfil our mission: A future to look forward to. Storebrand (STB) is listed on Oslo Stock Exchange. Visit us at www.storebrand.no and follow us on Twitter: @Storebrand_no. This announcement is subject to information pursuant to the Securities Trading Act § 5-12.