Gjensidige Forsikring ASA: Gjensidige acquires insurance agent Buysure AS
Gjensidige Forsikring ASA has agreed to acquire 100 per cent of the shares in Buysure AS (Buysure) and its subsidiary Claims Handling AS for up to approximately NOK 430 million, conditional upon final adjustments. Buysure offers home buyer and home seller insurance through a wide range of real estate agents in Norway.
With the acquisition, Gjensidige has secured 5-year agreements with real estate agents representing around 20 per cent of private real estate transactions in Norway. The acquisition will strengthen Gjensidige's position for change of ownership insurance products and provide an opportunity for cross selling of other insurance products in Norway. Gjensidige expects the annual insurance revenue from home seller insurance distributed by the new real estate agents to amount to approximately NOK 500 million over time.
The market for home seller insurance was around NOK 2 billion in 2024 and is expected to grow going forward.
Closing is expected to take place in April 2025.
The acquisition will reduce the solvency ratio of Gjensidige Forsikring Group, according to the approved Partial Internal Model, by approximately 4 percentage points, based on the figures as at 31 December 2024.
Buysure and Claims Handling have around 29 FTEs and recorded NOK 34.2 million in profit after tax in 2024.
Following completion of the transaction, Buysure will be integrated in the Gjensidige Group.
-The acquisition of Buysure broadens our footprint in the market for change of ownership insurance products and provides interesting opportunities for cross selling in Gjensidige, says CEO in Gjensidige, Geir Holmgren.
-We are excited to join forces with Gjensidige. We have emphasized that Gjensidige helps to reassure the customers and reduces friction in connection with real estate transactions for both buyers and sellers. Their innovative approach and commitment to provide excellent value propositions for both the customer and the real estate brokers align perfectly with our values, says CEO in Buysure, Jørgen Jensen.
Contact persons:
Head of Investor Relations, Mitra Hagen Negård, Tel: +47 957 93 631
Media Relations Officer, Christian Haraldsen, Tel: +47 907 87 449
Gjensidige is a leading Nordic insurance group listed on the Oslo Stock Exchange. We have about 4,600 FTEs and offer insurance products in Norway, Denmark and Sweden. In Norway, we also offer pension and savings. The Group's insurance revenue was NOK 39 billion in 2024, while total assets were NOK 171 billion.