Gjensidige Forsikring ASA Sells Baltic Subsidiary

Gjensidige Forsikring ASA (GB:0OJC) has released an update.

Gjensidige Forsikring ASA has agreed to sell its Baltic subsidiary, ADB Gjensidige, to ERGO International AG for EUR 80 million in cash, reflecting a strategy to focus on the Nordic market. The sale is expected to incur an accounting loss of NOK 120 million but will improve the Group’s solvency ratio by about 4 percentage points. ADB Gjensidige, with 659 employees, offers general insurance in Lithuania, Latvia, and Estonia, and the sale is contingent on customary regulatory approvals.

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