Gard snaps up Codan marine and energy portfolio

It says the portfolio also consists of other renewable energy projects and ‘a wide range of attractive marine business’.

Codan was involved in the world’s first offshore wind farm, the tiny 5MW Vindeby Danish wind farm built in 1991, which comprised 11 turbines that generated just 450kW each. Today’s are now more than 10 times that size.

Codan is now involved in Hornsea 2 – set to be the world’s largest offshore wind farm, with a total power generation of 1.3GW.

“We often say that we have grown from the first to the largest,” says Mikael Hvolgaard, who has been appointed managing director of Gard and has previously worked at Codan.

As well as snapping up Codan’s M&E business, Gard has opened two offices in Denmark, it said as the purchase went through.

“This is a milestone for Gard,” said Gard CEO Rolf Thore Roppestad. “The Codan acquisition strengthens our position in renewable energy and significantly boosts our presence in Denmark’s marine and energy markets. The integration of Codan’s portfolio and expertise also enables us to provide even greater support and service to our Members and clients going forward.”

Talks around the deal have been going on since July 2024, and the expansion, says Gard, brings more than 50 risk engineers, underwriters, analysts and claims specialists on board.