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Storebrand unit gets regulatory nod for portfolio acquisition of fellow insurer

The Norwegian Financial Supervisory Authority approved Storebrand ASA unit Storebrand Livsforsikring AS's acquisition of the insurance portfolio of Silver Pensjonsforsikring AS for 520 million kroner.

The transaction is expected to conclude in January or February 2018.

The remaining insurance contracts in Silver Pensjonsforsikring will be transferred to Storebrand, subject to a separate public approval expected in January 2018.

As of Dec. 19, US$1 was equivalent to 8.38 Norwegian kroner.