14 Dec 2023
Picture of An unusual reversed view of a 'Fork In The Road'.

EY financial advisor in planned merger of Fremtind Forsikring and Eika Forsikring

By Nils Kristian Bø

Partner, Head of Strategy and Transactions (SaT), EY Norway

Responsible for Strategy and Transactions in EY Norway. Proud father and husband. Keen squash player. People person.

14 Dec 2023

On 12 December, the planned merger of Fremtind Forsikring AS and Eika Forsikring AS was announced. EY is proud to have supported both parties together with SpareBank 1 Markets and Thommessen.

The combined entity will continue to be controlled by SpareBank 1 Gruppen, DNB and Eika Gruppen. The transaction, which is subject to regulatory approvals, values the business to NOK 33.7bn. This represents a landmark deal including two high-profile P&C insurance companies in Norway, driven by a cogent industrial rationale emphasizing the importance to grow and leverage economies of scale in the insurance sector. In summary, the merged entity will be better equipped to navigate a dynamically changing insurance market, addressing intensified competition and external factors like climate risk, sustainability, and claims inflation.

Explore other client success stories within Strategy and Transactions.

Summary

EY teams supported both parties with PMO and synergy identification, conducting due diligence covering financial, tax, technology, ESG, AML, and actuarial aspects. The transaction highlights EY’s capabilities in providing end-to-end advisory services through cohesive and integrated delivery by a unified EY team.

About this article

By Nils Kristian Bø

Partner, Head of Strategy and Transactions (SaT), EY Norway

Responsible for Strategy and Transactions in EY Norway. Proud father and husband. Keen squash player. People person.