Norwegian ICMIF member Granne Forsikring has announced some strategic changes including the sale of its land-based insurance business to another Norwegian insurance company, Frende Forsikring. With this, Granne says it will strengthen its investment in maritime insurance, while at the same time gaining more customers and a clear presence in the city of Ålesund.
“Maritime insurance is Granne’s core area and we see great growth opportunities. The sale of land-based insurance to Frende is an important strategic decision that gives us full power to further develop our maritime operations and strengthen ourselves in the market,” said Bjarte Vindenes, CEO of Granne Forsikring.
“Over time, Granne has considered several different partners, and we are confident that the collaboration with Frende is well-founded through a solid process. We are proud to have many good customers who will give Frende a good boost in Northwest Norway,” Gunnar Stein Hareide, Chairman of the Board of Granne Forsikring said.
With the sale, Granne says it is fully investing in maritime insurance, where the company has a long and proud history. The company is confident that its customers in the private and corporate markets will have a good home in Frende. Granne Forsikring has made many strategic choices and successful changes in recent years. The company has invested in both employees, digitalisation and new products and solutions to ensure good customer experiences and healthy growth.
Quality and continuity for both customers and employees
Granne says it is proud of its employees’ expertise and the solid portfolio of good customers who have chosen the company. They are confident that both customers and employees will be well taken care of at Frende, and customers will have access to even more services than today.
“Frende suits us well in all areas, and we look forward to a very good collaboration. The handover is well-planned to ensure that both customers and employees will be safe and well taken care of,” said Vindenes.
He added “Customers will meet the same skilled and well-known employees, and will be taken care of in the same good way. The employees will have the same good colleagues as before. We are available to anyone who has questions, and are committed to ensuring a smooth transition both for customers and for those of our employees who are affected.”
Frende will build on Granne’s solid foundation in Ålesund
Granne has significantly increased its portfolio in land-based insurance and Frende Forsikring is taking over a solid portfolio of NOK 196 million. Frende will thus have more customers and a clear presence in Ålesund.
“It is a recognition for us that Granne has chosen us to continue managing its land-based insurance portfolio. We look forward to a very good collaboration and to building on the solid foundation they have created in Ålesund, Volda and Fosnavåg,” said Erik Bjordal, Executive Vice President for Sales and Marketing at Frende.
“Insurance must be safe, simple and close. It is therefore important for us to be present locally and help secure and create jobs in the area. We are happy to be back in Ålesund, and this will be an even more important region for us in the future,” added Bjordal.
Plans for joint financial houses in Ålesund
Granne, Frende and Sparebanken Vest are now looking at the possibilities of co-location in Ålesund, and have plans to establish a joint financial house.
“Ålesund deserves a powerful financial house with all services gathered in one place and a strong focus on customer satisfaction. A finance house will be an attractive place to work and for customers to meet their skilled advisers,” said Olav Hovland, Executive Vice President for Private Markets Region North at Sparebanken Vest.
The agreement on the transfer from Granne to Frende was signed on 16 September 2024. The Board of Directors at both insurance companies have approved the transfer of business. A final decision still remains in the general meeting at Granne, and approval from the Financial Supervisory Authority of Norway.
