PRESS RELEASE 5 MAY 2022

Gjensidige acquired one third of the shares in MyCar Group AS. The purpose is to explore new customer offerings for the distribution of mobile products and services.

The MyCar Group was established by Kverneland Mobility AS and Frydenbø Bil AS in 2021, and has operations in used cars, tire hotels and the claims workshop for the industry. Following the share purchase, the company will be owned by Frydenbø, Kverneland, and Gjensidige as equal owners.

- This gives us the opportunity to explore new concepts for customer offerings," said Daniel Frøyland, CEO of Gjensidige Mobility Group. 

Image: Daniel Frøyland, CEO of Gjensidige Mobility Group. Photo: Gjensidige

Broad Portfolio

Gjensidige has previously acquired Falck's roadside assistance business in Norway and several countries in the Nordic and Baltic countries, and companies that issue toll readers.

-We have now gained access to a broad portfolio of services that give us many opportunities. We want to test new solutions and quickly scale up what works. Both for our own and partners' customers, Frøyland said.

Expecting growth

The MyCar Group is headquartered in Moss, with operations in large parts of southern Norway. CEO Erik Diesen of MyCar Group is pleased to have Gjensidige on the ownership side.

-"The mobility market is changing rapidly, and we believe that it will be necessary to think in completely new ways in the future. We think Gjensidige's commitment to this area is very exciting, he said.

The businesses included in MyCar Group have seen rapid growth in recent years.

- With Gjensidige on the team, we expect further increased growth rates, both from existing operations and newly developed solutions, Diesen said.

Image: Erik Diesen, CEO of MyCar Group. Photo: MyCar Group

Gjensidige is a leading Nordic insurer listed on the Oslo Stock Exchange. We have about 3800 employees and offer non-life insurance in Norway, Denmark, Sweden and the Baltics. In Norway we also offer pension and savings. Operating revenues amounted to NOK 30 billion in 2021, while total assets amounted to NOK 130 billion.

MyCar Group is Norway's newest car group and includes the entire Norwegian used car chain MyCar, the tire storage chain Dekkstra and the damage and detailing chain Skala. The MyCar Group is owned by Gjensidige Forsikring ASA, Frydenbø Bil AS and Kverneland Mobility AS. The MyCar Group will have a gross turnover of approximately NOK 700 million in 2022, and has about 100 employees. The ambition is to reach a turnover of NOK 1 billion within 3 years and be cost-leading through the use of technology and automated processes. The company's headquarters are located in Moss.

For questions related to the information, please contact Glenn Wange +47 928 91 999, Director of Marketing, Communication and Customer Travel at MyCar Group or Christian Haraldsen +47 907 87 449, Head of Communications at Gjensidige.