Storebrand launches Oslo Re takeover

OSLO - Norway's Storebrand Skadeforsikring yesterday launched a Nkr315 per share offer for Oslo Reinsurance Company. The board of Oslo Re has recommended the bid, which values the company at NKr416m. Knut Francke, managing director of Storebrand Skadeforsikring, said Oslo Re's strength in portfolio run off made it particularly attractive in the light of Storebrand's plans to create a new Nordic non life insurance company. Oslo Re will not be included in the new insurer, which is not expected to write reinsurance business, however Mr Francke stressed the potential in being able to offer run-off expertise.