Gard Acquires Codan Energy & Marine from Alm. Brand Group in $160 Million Deal

Danish insurance conglomerate Alm. Brand Group recently announced the sale of its Codan Energy & Marine division to Gard, the world’s largest marine insurer, as part of a significant reorganization. The acquisition, valued at $160 million in cash and an additional $70 million in freed-up equity for Alm. Brand, signifies Gard’s strategic investment in the future of the maritime industry’s energy sector. Codan Energy & Marine has been a pioneer in offshore wind insurance, boasting over 7,000 active policies and involvement in various record-setting projects.

Alm. Brand Group’s CEO, Rasmus Werner Nielsen, stated that the divestment of the Energy & Marine business aligns with the company’s strategic objectives to maximize value. Once regulatory approval is obtained, the total sale price will be distributed to Alm. Group’s shareholders, leading to a 13% increase in the conglomerate’s share price following the announcement. The company will retain its Codan division, which serves consumers and small to medium-sized enterprises.

For Gard, the acquisition of Codan Energy & Marine brings an additional $180 million in annual gross premium income, a 15% boost, along with 50 new employees and a new office in Denmark. Gard’s CEO, Rolf Thore Roppestad, emphasized the reinforcement of their position in the marine and energy segments, as well as an increased presence in the Danish market. With this strategic move, Gard aims to strengthen its Marine Hull and P&I portfolios, while significantly enhancing its Energy book to establish a stronger foothold in the industry.

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