The $163m deal by Norway’s Gard to buy specialist Danish offshore insurer Codan rebuilds an energy portfolio to better cope with global market shocks, chief executive Rolf Thore Roppestad said on Monday.

The deal places Gard at the front ranks of offshore wind energy insurers in Europe as geopolitical crises and protectionism present a “major worry and challenge” for the maritime insurance sector, Roppestad told TradeWinds.