December 7, 2018 / 7:56 AM / 6 days ago

Norwegian insurer Protector hires bankers for possible segment exit

OSLO, Dec 7 (Reuters) - Norwegian insurer Protector 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)

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