Storebrand
Encyclopedia
Storebrand is a financial services
company in Norway
. By volume, the company's main activities are related to life insurance
and pension savings. However, the company also has major divisions working on investment
s, banking and, since 2006, P&C insurance products. Through its acquisition of Swedish SPP from Handelsbanken i 2007, Storebrand now has a sizable division dedicated to the Swedish market for life insurance.
The company's headquarters are located in Norway, in Lysaker
in the municipality of Bærum, just outside Oslo
. Storebrand is a public company listed on the Oslo Stock Exchange
. The company CEO is Idar Kreutzer
.
Storebrand issues an annual report for companies part-taking in socially responsible investments.
In 1982 Storebrand merged with its competitor, insurance company Norden, to form the Storebrand-Norden-group.
The company changes names to A/S Storebrand in 1986.
In 1991 Storebrand merged with the companies under the UNI trademark, to become UNI Storebrand. Later attempts to acquire Swedish insurance company Skandia, together with Danish company Hafnia and Finnish company Pohjola, to form a large Nordic insurance company under Norwegian leadership failed in 1992. This caused the share prices of UNI Storebrand to plummet and the government took control of the company. In 1993 the company successfully managed to restructure its debt and was again made available for trading on the Oslo Stock Exchange.
In 1996 the company changed its name to Storebrand ASA, and was granted governmental concession to operate banking services through its fully owned subsidiary Storebrand Bank AS.
The following year, attempts to merge with Christiania Bank og Kreditkasse, now part of Nordea, failed as Storebrand did not achieve the necessary two thirds majority for the merger from its shareholders. 63,38 percent voted for.
In 1999 Storebrand merged its P&C insurance division with similar divisions of Skandia and Pohjola to form If P&C Insurance
, in which Storebrand retained an ownership share of 33 percent. The shares were later sold, a natural consequence of Storebrand started a new P&C insurance division and became a competitor of If, while If also became a competitor by starting selling health insurance and certain pension plans.
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
company in Norway
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
. By volume, the company's main activities are related to life insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
and pension savings. However, the company also has major divisions working on investment
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
s, banking and, since 2006, P&C insurance products. Through its acquisition of Swedish SPP from Handelsbanken i 2007, Storebrand now has a sizable division dedicated to the Swedish market for life insurance.
The company's headquarters are located in Norway, in Lysaker
Lysaker
Lysaker is a section of and a postal code area of the Norwegian municipality of Bærum, just west of Oslo.Geographically, it is bordered by Lysakerelven on the east, which also forms the border to Oslo; Fornebu to the south; Stabekk to the west; and Jar to the north...
in the municipality of Bærum, just outside Oslo
Oslo
Oslo is a municipality, as well as the capital and most populous city in Norway. As a municipality , it was established on 1 January 1838. Founded around 1048 by King Harald III of Norway, the city was largely destroyed by fire in 1624. The city was moved under the reign of Denmark–Norway's King...
. Storebrand is a public company listed on the Oslo Stock Exchange
Oslo Stock Exchange
The Oslo Stock Exchange serves as the main market for trading in the shares of Norwegian companies. It opens at 9:00am and closes 5:30pm local time...
. The company CEO is Idar Kreutzer
Idar Kreutzer
Idar Kreutzer is a Norwegian businessperson.He holds a siv.øk. degree from the Norwegian School of Economics. From 1986 to 1987 he was a political secretary for Conservative City Commissioner Michael Tetzschner in Oslo. Kreutzer has been with Storebrand since 1992, was a director from 1995 to 2000...
.
Storebrand issues an annual report for companies part-taking in socially responsible investments.
History
The company traces its roots back to 1767 when Den almindelige Brand-Forsikrings-Anstalt was formed.In 1982 Storebrand merged with its competitor, insurance company Norden, to form the Storebrand-Norden-group.
The company changes names to A/S Storebrand in 1986.
In 1991 Storebrand merged with the companies under the UNI trademark, to become UNI Storebrand. Later attempts to acquire Swedish insurance company Skandia, together with Danish company Hafnia and Finnish company Pohjola, to form a large Nordic insurance company under Norwegian leadership failed in 1992. This caused the share prices of UNI Storebrand to plummet and the government took control of the company. In 1993 the company successfully managed to restructure its debt and was again made available for trading on the Oslo Stock Exchange.
In 1996 the company changed its name to Storebrand ASA, and was granted governmental concession to operate banking services through its fully owned subsidiary Storebrand Bank AS.
The following year, attempts to merge with Christiania Bank og Kreditkasse, now part of Nordea, failed as Storebrand did not achieve the necessary two thirds majority for the merger from its shareholders. 63,38 percent voted for.
In 1999 Storebrand merged its P&C insurance division with similar divisions of Skandia and Pohjola to form If P&C Insurance
If P&C Insurance
If P&C Insurance is a property and casualty insurance company with approximately 3.8 million customers in Sweden, Norway, Finland, Denmark, Estonia, Latvia, Lithuania and Russia...
, in which Storebrand retained an ownership share of 33 percent. The shares were later sold, a natural consequence of Storebrand started a new P&C insurance division and became a competitor of If, while If also became a competitor by starting selling health insurance and certain pension plans.