Norwegian insurer Protector hires bankers for possible segment exit

Protector Forsikring ASA

07/12/2018 07:53

OSLO, Dec 7 (Reuters) - Norwegian insurer Protector
 PROTCT.OL  said on Friday it had hired investment bankers to
help with a potential exit from change of ownership insurance,
long a profitable segment which has triggered a series of profit
warnings.
    The profit warnings stem from a surge in gray silverfish
infestation which has resulted in a large number of claims.
    "We are now considering our strategic options for the change
of ownership insurance and Nordea is hired as an adviser," the
company said.
    Protector expects its net combined ratio to rise to a
loss-making 107 percent in 2018, well above the 92-94 percent it
had forecast at the start of the year.
    The higher the ratio is, the weaker the results. 
    In 2019, Protector expects a combined ratio of around 96
percent, it said.
    The company plans to book all remaining losses relating to
grey silverfish in its 2018 accounts, it said.
    Protector's shares closed at 47.2 Norwegian crowns on
Thursday, down 51 percent from their January all-time high of 97
crowns.

 (Reporting by Terje Solsvik; editing by Gwladys Fouche and
Jason Neely)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters
Messaging: terje.solsvik.thomsonreuters.com@reuters.net))