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Protector Forsikring withdraws from change-of-ownership insurance segment

Protector Forsikring ASA's board of directors concluded that the Norway-based insurer will withdraw from the change-of-ownership insurance segment.

In a Dec. 19 statement, the insurer cited weak technical performance in recent years and uncertainty related to the product's future premium volume and profitability as the reasons. The withdrawal will affect fewer than 10 employees at the initial stage, and Protector will handle the segment-related claims for several years.

Reuters reported that the company was reviewing the business earlier in December, noting that the product had seen a high number of recent claims owing to gray silverfish infestations.