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07/12-2018 07:30:00: (PROTCT) Result update Q4 2018 and combined ratio guiding 2019

Previous communication given to market at our CMD October 26th 2018

- A significant loss related to gray silverfish is taken in Q3 2018, both
related to 2018 and previous years
- The number of claims have escalated during 2018 and even more in Q3 2018
- The district court has so far concluded on a real estate value loss in certain
- We will exclude gray silverfish from the policy terms starting November 1st.
No property value losses will occur on new policies after this exclusion.
- We might lose significant volume, or we could be out of market after such an
exclusion ,if competitors do not follow
- There is a delay in such an implementation which means Q4 will be negatively
impacted by gray silverfish. A small tail related to the delay will follow in
- The Q4-figures will be poor and the net combined ratio will be > 100%
New update on gray silverfish 

- Gray silverfish is excluded from the policy terms as planned
- Competitors have, as far as we know, not followed up with exclusions in their
policy terms. We are now considering our strategic options for the change of
ownership insurance and Nordea is hired as an advisor.
- The number of claims in Q4 are higher than Q3, as expected in our reserve
- We intend to book the 2019 gray silverfish tail in 2018
- After evaluating the number of claims reported in October and November, we are
of the opinion that our full year net combined ratio might end up around 107% on
a company level. All expected losses related to gray silverfish is then history
and earlier communicated reserve upside and downside is not changed. 
Guiding 2019
The net combined ratio for the company in 2019 is expected to be around 96%

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