Gard bolsters renewables segment in $163m deal for Codan portfolio
Norwegian P&I club Gard has sealed a deal to acquire the marine and energy portfolio of Danish insurer Codan as it looks to bolster its footprint in the offshore renewables segment.
The deal worth about $163m will see Gard set up a new office in Denmark and welcome around 50 marine and energy insurance specialists.
“This acquisition is a great and complementary fit to our existing portfolio, increasing our gross written premium with approximately 15%. It also allows us to further diversify our business, which is, and has always been, fundamental to Gard’s stability and long-term success,” said Rolf Roppestad, chief executive of Gard.
The E&M business became part of Denmark’s Alm. Brand Group in connection with the acquisition of Codan in May 2022.
The transaction, which constitutes approximately 11% of Gard’s total equity is expected to be completed at the beginning of 2025.
