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Storebrand Livsforsikring acquires the insurance portfolio of Silver Pensjonsforsikring AS under public administration

Storebrand Livsforsikring AS has entered into an agreement to acquire the insurance portfolios of Silver Pensjonsforsikring AS under public administration (Silver). The transaction value is in excess of NOK 10 Billion and Storebrand makes cash payment of NOK 520 million. Silvers 20,000 agreements and NOK 10 billion in pension funds are transferred to Storebrand.

The agreement assumes that no more than 20 percent of Silver's customers object to the solution within the time limit set by Silver, as well as public approvals. The transaction is expected to be completed in January 2018.

Silver was put under governmental administration by the Ministry of Finance in February 2017 after the Ministry concluded that Silver would not be able to meet the current capital requirements. Sven Iver Steen, partner in Arntzen de Besche, was by the Ministry of Finance appointed as the chairman of the Administration Committee of Silver. The objective was to assess whether Silver could continue operating on its own or if the company had to seek investors to continue their business operations.

In addition to Sven Iver Steen, several lawyers in Arntzen de Besche have been involved in the work, including Lars Horgen Hinze, Eyvind Sandvik and Stein Ove Solberg.