ABGSC acted as financial advisor to Storebrand in the acquisition of the substantial part of Insr Insurance Group’s Norwegian insurance portfolios

On Friday 14 August 2020, Storebrand Forsikring announced the acquisition of specific insurance portfolios from Insr Insurance Group. The purchase constitutes the substantial part of Insr’s Norwegian insurance portfolios and it will strengthen Storebrand’s position within the retail and SME market for property and causality (P&C) insurance. Storebrand currently holds a 3.9% market share in retail P&C, while Insr holds a market share of 2.2%.
The transaction will be completed as a portfolio transfer and it will be structured in a manner where Storebrand has the right and obligation to renew insurance policies within the specified portfolios. Accordingly, the substantial part of Insr’s portfolios will gradually be transferred to Storebrand over the coming year, as policies are renewed or amended. Storebrand will pay Insr 20-30% of renewed written premiums and has guaranteed Insr a minimum payment of NOK 70 million.