OSLO (Thomson Financial) - DnB NOR ASA said it is to establish its own non-life insurance company by the end of 2008, and that it aims to 'capture a considerable share of the retail non-life insurance market'.
Currently, DnB offers non-life insurance through Vital Skade via external risk bearers.
With the establishment of the new company, DnB said it will be able to control the entire value chain.
'The establishment of our own non-life insurance company will enable us to tailor products to the retail segment,' said Asmund Skar, group executive vice president of DnB NOR Retail Banking.
'We will take advantage of our extensive distribution power to gain a considerable share of this market.'
Vital Skade's current portfolio of 700 mln nkr in premium income will be incorporated into the new company, DnB said. alastair.reed@thomson.com ar/vlb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
