Industry leader Gard has snapped up Danish insurer Codan in a $163m deal to strengthen its position in the renewable energy sector, the company said in a statement.

The acquisition of Codan’s marine and energy portfolio will add about 15% to the Norway-headquartered company’s gross written premiums and further diversify the business.

The deal will see Gard set up a new office in Denmark, its 14th, and add 50 people to the organisation.