Nordea has agreed to acquire the occupational and individual pension portfolios from Frende.
Frende has offered insurance services in Norway since 2007. Its occupational and individual pension portfolios have total unit-linked assets of approximately NOK 4.2 billion, and it has around 5,600 corporate customers representing around 32,000 individual policyholders.
Nordea has agreed to acquire the occupational and individual pension portfolios from Frende and intends to combine the business with its Norwegian insurance subsidiary Livforsikringsselskapet Nordea Liv Norge AS. As part of the transaction, Nordea Liv will also enter into a long-term agreement to distribute pension products with the Norwegian savings banks which own Frende.
The deal team was headed by Ervin Auren (Partner, M&A) and Morten Coward Lindstad (Senior Associate, M&A).
Find more information in this press release from Nordea.