GARD has completed its $163m acquisition of the marine and energy portfolio of Denmark’s Codan from Alm. Brand, according to a statement on its website.

Following the transaction, the world’s largest marine insurer in both P&I and H&M has opened a new dedicated Danish branch, with offices in Copenhagen and Aarhus.

Previous Alm. Brand executive vice-president Mikael Hvolgaard, a former underwriter with more than 30 years’ experience in insurance and financial services, has been appointed managing director of Gard Denmark.

Codan has a long history since its foundation in 1916 and was once owned by Britain’s Royal & Sun Alliance. RSA sold it to Alm. Brand, Denmark’s second-largest non-life insurer, in 2022.

A significant portion of the acquired portfolio consists of offshore wind projects in Denmark, Europe and globally.

Codan claims to have 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.

The purchase — which increases Gard’s gross written premiums by about 15% — is in line with the Norwegian marine mutual’s strategy of diversification hedge against volatility in P&I.

The club pioneered the use of commercial underwriting to subsidise the mutual membership, a model that is increasingly being examined by its International Group counterparts.

Gard chief executive Rolf Thore Roppestad said: “This is a milestone for Gard. The Codan acquisition strengthens our position in renewable energy and significantly boosts our presence in Denmark’s marine and energy markets.”

The direct insurance entities within the Gard group are rated ‘A+’ with a stable outlook by Standard & Poor’s. It has more than 680 staff in 13 offices around the world.