Gard to buy Codan’s M&E portfolio in $163m deal

Norwegian marine insurer Gard has sealed a deal to acquire Danish insurer Codan’s global M&E portfolio.

This $163m (Nkr1.74bn) deal marks a significant expansion for Gard, positioning it as a leader in the renewable energy insurance sector. The purchase price represents roughly 11% of Gard’s total equity.

The acquisition will offer Gard a new office in Denmark and strengthen its team with the addition of 50 M&E insurance specialists.

Gard CEO Rolf Thore Roppestad called the deal a “complementary fit” for the company, projecting a 15% boost in Gard’s gross written premium.

This transaction, conditional upon regulatory consent, is due for completion at the start of 2025.

Roppestad stated: “This move not only reinforces our position within the marine and energy segments but also increases our presence in the Danish market, allowing us to provide even better service to our members and clients in the region.”

Emphasising the strategic importance of the deal, he further noted: “Importantly, this acquisition also means that we are strengthening our global team, building unique capabilities and expertise within business areas that will only grow in importance going forward.”

Rasmus Werner Nielsen, CEO of Alm. Brand Group, which is part of Codan, also expressed support for the transaction.

“With Gard, our energy and marine activities will have an owner who will be able to further develop the market-leading activities on a global scale,” Nielsen remarked.

He highlighted the benefits for all parties involved, saying: “I am pleased that we have found an attractive solution for our customers and employees and a strategically good outcome both for Alm. Brand Group and for Gard.”