Case study | Gard & Codan
Strengthening the positioning in renewable energy through M&A
Partnering with Deloitte, Gard successfully completed the acquisition
and integration of Codan’s global Marine and Energy (M&E) portfolio.
Fueled by their 2030 strategy, Gard is looking to increase their presence in insurance of renewables, while simultaneously solidifying their foothold in Denmark. By acquiring Codan M&E, Gard is set up for success to achieve both goals.
The solution
Gard collaborated with Deloitte as its strategic partner to facilitate the integration of Codan Insurance in Denmark. The integration planning project consisted of four main phases: integration strategy, AS-IS analysis, TO-BE design, and implementation planning. Additionally, it included day 1 testing of critical processes and implementation follow-up post-transaction to ensure a smooth transition of TSAs and transfer of activities to the line organization.
Navigating the complexities of mergers and acquisitions presents both challenges and opportunities. In partnership with Deloitte, Gard has developed a comprehensive strategy to ensure full integration of the Codan M&E business. This strategy involves meticulous project management, extracting synergies, taking care of the employees across both companies, and ensuring progress and successful integration.
Our collaborative effort is propelling Gard towards a smoother transition, ensuring they meet their integration goals as set out prior to the acquisition.
This is a milestone for Gard. The Codan acquisition strengthens our position in renewable energy and significantly boosts our presence in Denmark’s marine and energy markets. The integration of Codan’s portfolio and expertise also enables us to provide even greater support and service to our Members and clients going forward.
- Rolf Thore Roppestad, CEO, Gard
The effect
The expansion brings more than 50 new professionals - including risk engineers, underwriters, analysts and claims specialists - into Gard’s global organization. The opening of two new offices in Copenhagen and Aarhus further enhances Gard’s footprint in the region. A significant portion of the acquired portfolio consists of offshore wind projects in Denmark, Europe and globally.
The acquisition complements the existing business, strengthening Gard’s resilience and ensuring a more robust foundation for their Members and clients.
About Gard
Founded in 1907 in Arendal in Norway, Gard is the world’s leading provider of protection & indemnity (P&I), marine and energy insurance. Being a mutual association, their core purpose is to help Members and clients to navigate and manage maritime risks. They do this by providing a wide range of insurance covers, expert casualty and claims handling services, as well as proactive and data-driven loss prevention.
Key takeaways
- Successful completion of its acquisition of Codan’s global Marine and Energy (M&E) portfolio
- Gard has established a dedicated Danish branch and opened two new offices in Copenhagen and Aarhus
- Partnering with Deloitte, Gard has developed a comprehensive strategy to ensure full integration of the Codan M&E business, including meticulous project management, extracting synergies, and taking care of the employees across both companies.
At Deloitte, we are proud to support Gard AS in their acquisition of Codan Marine & Energy in Denmark. Gard’s leadership has been deeply involved throughout the acquisition, driving the process with a dedicated focus to change management and day 1 success, while fostering a good collaboration with Deloitte – enabling us to leverage our extensive experience from previous acquisitions to create a good platform for future success for the merged company.
- Joachim Gullaksen, Partner, Deloitte
Joachim Gullaksen
