Gard P&I (Bermuda) Ltd is set to acquire Danish insurer Codan’s global marine and energy portfolio for approximately $163 million.
The acquisition price represents about 11% of Gard’s total equity, the marine P&I mutual specialist stated.
As per AM Best, the acquisition aims to diversify Gard’s portfolio and strengthen its position in the renewable energy sector. With the deal, Gard will establish a new office in Denmark and gain around 50 insurance specialists. The transaction, subject to agreed conditions and regulatory approvals, is expected to be completed at the beginning of 2025.
Gard’s CEO, Rolf Thore Roppestad (pictured above), highlighted the strategic significance of the acquisition, noting that it reinforces Gard’s position within the marine and energy segments and increases its presence in the Danish market.
“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,” Roppestad said.
He noted that the acquisition will also complement Gard’s existing portfolio, increasing gross written premiums by about 15%.
Rasmus Werner Nielsen, CEO of Codan’s parent company Alm. Brand Group, also highlighted the importance of the deal, stating that Gard’s ownership would further develop Codan’s market-leading activities on a global scale.
“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,” Nielsen said.
Gard currently employs over 680 staff across 13 offices worldwide, with plans to open a 14th office in Denmark following the acquisition. Codan, as part of the Alm. Brand Group, is a known player in offshore wind and renewable energy sectors.
Gard reported its second-best financial result in history for 2023, citing record premium income, a robust insurance performance, and positive investment returns. The group posted a profit after tax (comprehensive income) of $236 million, up from $2 million the previous year.
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