Sale of insurance portfolios from Insr to Storebrand approved

Written by Adam Cadle

05/10/2020

Insr has today approved the sale of insurance portfolios to Storebrand, initially announced in a stock exchange notification on 14 August 2020.

The agreement will come into force on 1 December 2020 and has been approved by the Norwegian Financial Supervisory Authority and Competition Authority.

Transfers of customers from Insr to Storebrand will take place gradually and are expected to commence before the end of 2020.

Storebrand will pay Insr 20-30% of renewed written premiums and it has guaranteed a minimum payment of NOK 70m to be paid no later than six months after the end of the renewal period. The total transaction is estimated to marginally reduce Storebrand's solvency ratio of less than one percentage point.

Storebrand'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%.

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