The Service of the Commission for the Protection of Competition has received a notification of a concentration, according to Section 10 of the Control of Concentrations between Enterprises Law of 2014, concerning the acquisition of the marine insurance and energy insurance business units of Alm. Brand Forsikring A/S by Gard Marine & Energy Insurance (Europe) AS.
Gard Marine & Energy Insurance (Europe) AS is a company duly registered under the laws of Norway and licensed by the Norwegian Ministry of Finance to directly insure marine and energy risks. The said company belongs to the Gard group, which is a global provider of protection and indemnity insurance (P&I), marine and energy insurance, offering a wide range of non-life insurance cover to maritime operators, including shipping companies, charterers, offshore contractors and shipyards, as well as entities which have activities in offshore oil and gas extraction and in offshore wind projects.
The target in the proposed transaction is the acquisition of sole control of part of the business of Alm. Brand Forsikring A/S and namely of the marine and energy insurance business units including the related insurance contracts, claims and receivables, contracts, employees and other assets related to the business units of marine and energy insurance.
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