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Insurer may exit home insurance line over insect infestation

Insurer may exit home insurance line over insect infestation

Norwegian insurer Protector Forsikring ASA said on Friday it is fishing for investment bankers to help with a potential exit from change-of-ownership home insurance.

Long a profitable line of insurance, a series of profit warnings stemming from an infestation of gray silverfish, a small, wingless insect known to eat paper and fabric and cause damage to homes as a result, is resulting in “a large number of claims,” Reuters reported Friday.

"We are now considering our strategic options for the change-of-ownership insurance," the company told the wire service.

Protector expects its net combined ratio to worsen to a loss-making 107% in 2018, well above the 92% to 94% it had forecast at the start of the year, Reuters reported.

In 2019, Protector expects a combined ratio of around 96%, the company told Reuters.

The company plans to book all remaining losses relating to gray silverfish in its 2018 accounts, it said.

Protector's shares closed at 47.2 Norwegian krone ($5.56) on Thursday, down 51% from their January all-time high of 97 krone, according to the wire service.




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