Industry leader Gard has snapped up Danish insurer Codan in a $163m deal to strengthen its position in the renewable energy sector, the company said in a statement.

The acquisition of Codan’s marine and energy portfolio will add about 15% to the Norway-headquartered company’s gross written premiums and further diversify the business.

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The deal will see Gard set up a new office in Denmark, its 14th, and add 50 people to the organisation.

“This acquisition is a great and complementary fit to our existing portfolio,” said Gard CEO Rolf Thore Roppestad.

“Our marine hull and P&I portfolios have seen considerable growth over the last years, and with this, our energy book also gets a significant boost.

“We are bringing energy back as a true diversifier, giving us an even stronger footing than before.”

Gard, with gross written premiums of $1.1bn, is the largest of the 12-strong International Group of P&I Clubs with nearly one-fifth of market share by owned tonnage, according to 2023 figures.

It reported its second-best results in its 117-year history earlier this year, with profits of $236m. Gard’s strength has been built on a diverse portfolio, unlike other clubs that have focused on protection and indemnity.

Codan is part of financial services group Alm. Brand, Denmark’s second-largest non-life insurance company, which has built a significant presence within the offshore industry.

It insures more than 60% of the world’s offshore wind farms including off Europe, Taiwan, South Korea and Japan, according to its website.

Alm. Brand CEO Rasmus Werner Nielsen said: “With Gard, our energy and marine activities will have an owner who will be able to further develop the market-leading activities on a global scale.”

The deal is conditional on regulatory approvals but is expected to be complete at the start of 2025.

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