P&I, marine and energy insurance provider Gard completed its acquisition of Codan’s global Marine and Energy (M&E) portfolio and opened two new offices in Copenhagen and Aarhus.
A significant portion of the acquired portfolio consists of offshore wind projects in Denmark, Europe and globally.
Codan has been involved in approximately 90% of the world’s offshore wind projects outside China, including the world’s first offshore wind farm off Vindeby, Denmark in 1991.
“We often say that we have grown ‘from the first to the largest’. The largest project we have been involved in was Hornsea 2, which started production in 2022,” said Mikael Hvolgaard, managing director of Gard Denmark.
The acquired portfolio also consists of other renewable energy as well as a wide range of marine business.
Originally announced in July 2024, the acquisition was finalized on March 3. The expansion brings more than 50 new professionals including risk engineers, underwriters, analysts and claims specialists into Gard’s global organisation.
The completion of the deal has also seen Mikael Hvolgaard appointed managing director of Gard Denmark.
With more than 30 years’ experience in the insurance and financial sector, Hvolgaard previously served as executive vice president, Corporate Lines at Alm. Brand. His background also includes leadership roles in underwriting at Codan, Tryg, and Zurich.
Rolf Thore Roppestad, Gard CEO, said: “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.”
