Acquisition of KommuneForsikring

Gjensidige KommuneForsikring
Transaction:
Acquisitions
Date:
Jan 2007
Deal Value:
EUR 268 million
Process:
Exclusive process
Industry:
Financial Institutions and Real Estate

On September 18, 2006 it was announced that Gjendsidige Forsikring AS has put forward a recommended offer for 100% of the shares in KommuneForsikring A/S. The offer is subject to approval from authorities and the general meeting in the association  – “Foreningen til Begrænsning af Skadeudgifter i kommuner og regioner f.m.b.a” (FBS) – which owns 100% of the shares in KommuneForsikring.KommuneForsikring is a Danish based non-life insurance company ultimately owned by a group of Danish municipalities and other local government institutions. KommuneForsikring is mainly focused on non-life insurance for municipalities, state institutions and private companies. In 2005, KF realised gross premiums of DKK 1.300 million and a net profit of DKK 172 million.
Gjensidige Forsikring is Norway’s largest non-life insurance company and among Scandinavia’s five largest non-life insurance companies. Gjensidige have activities in Norway, Denmark (Fair Forsikring A/S) and the Baltics. In 2005, Gjensidige realised gross premiums of NOK 13.883 million and a net profit of NOK 3.962 million.