Storebrand sacks its chief

Norwegian insurer Storebrand has sacked its chief executive Age Korsvold after the country’s financial regulator, Kredittilsynet, concluded that Mr Korsvold’s private transactions involving options on Storebrand shares were “blameworthy” and amounted to a breach of securities law. Storebrand’s board decided that letting Mr Korsvold go was the only way to re-establish confidence in the company.