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Gjensidige names new CFO; 190 full-time roles to be cut

GjensidigeForsikring ASA named Jostein Amdal CFO as part of changes in thegroup management team that take effect Oct. 1.

Amdal will take over as CFO from Catharina Hellerud, whowill continue as executive vice president, now with responsibility foranalytics, product and price. Martin Danielsen will meanwhile leave the groupmanagement team to head Gjensidige's strategic initiatives within data miningand analytics, reporting to Hellerud.

In addition, Krister Aanesen will become acting executivevice president responsible for the private segment during Hege Yli Melhus Ask'sparental leave. Aanesen has been in charge of performance management in theprivate segment for the past year.

Gjensidige added that it will cut approximately 190full-time staff and support roles across the group during 2017. The group willrecord a nonrecurring provision of about 120 million Norwegian kroner in thethird quarter to cover restructuring costs.

"We hope to avoid layoffs by offering voluntarysolutions to employees," according to Gjensidige CEO Helge Baastad."We intend to increase our presence in the growing market for health andpersonal insurance."

As of Sept. 23, US$1was equivalent to 8.11 Norwegian kroner.