CLP has acted as legal advisor for Sparebank1 Gruppen in its agreement with DNB regarding the merger of their insurance operations, thus establishing one of Norway’s largest insurance companies. As part of the transaction, the individual personal risk insurances from DNB Livsforsikring AS and SpareBank 1 Forsikring AS (the life insurance company), as well as the company-paid personal risk insurances from SpareBank 1 Forsikring AS, will be transferred to the new company.
SpareBank 1 Gruppen will hold an ownership interest of 65 per cent and DNB 35 per cent in the new company. In the transaction, the new non-life insurance company is valued at app. NOK 20 billion.
It is planned to implement the merger on 1 January 2019, subject to government authorities’ approval. On completion the new insurance company will be the country’s third largest insurer, and the country’s largest in terms of distribution through banks.
Further information is available here.