Norwegian Underwriting Agency

Name

Norwegian Underwriting Agency

Legal name

Norwegian Underwriting Agency AS

Website

https://norua.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Insurance Agency Services

NAICS

Insurance Agencies and Brokerages (524210), Other Insurance Related Activities (52429)

SIC

Insurance Agents, Brokers & Service (6411), Surety Insurance (6351)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

Keywords

• Insurance agency services
• Managing general agent
• Business insurance products
• Contractor guarantees
• Norwegian insurance intermediary

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Agency Commissions: NUA generates revenue as an insurance agent by earning commissions through MGA (Managing General Agent) agreements with insurance companies. The agency intermediates insurance products and guarantees to Norwegian businesses, issuing documentation on behalf of their insurance partners.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Norwegian Underwriting Agency (NUA) is an approved insurance agency in Norway operating as a Managing General Agent (MGA) intermediary. It distributes a wide range of personal insurance products (cancer, illness, disability, accident, group life, sick pay, occupational injury, travel) and business guarantee products (NS-contractor guarantees, tax deduction guarantees, rent guarantees, travel guarantees) to Norwegian companies through MGA agreements with insurance providers including ERGO Forsikring AS, AIG, and Quantum Leben.

Product overview

Norwegian Underwriting Agency AS (NUA) is a Norwegian insurance agent company approved by Finanstilsynet, established in 2007. The company operates as an intermediary between insurance companies and businesses, offering two main product categories: (1) Personal insurance products including Alivia cancer insurance, disability coverage, accident insurance, group life, collective accident, sick pay, occupational injury insurance, and travel insurance, and (2) Guarantee products including NS-standard guarantees, tax deduction guarantees, rent guarantees, and travel guarantees. NUA distributes these products through strategic MGA (Managing General Agent) agreements with insurance providers including Quantum Leben, ERGO Forsikring AS, and AIG. The company issues insurance documents and terms in Norwegian and in accordance with Norwegian law, with claims handled by independent claims settlement companies in Norway.

Differentiator

Problem solved

Functional benefit

Products and services

• NS-Garantier Contractor guarantees issued under Norwegian Standard (NS) that do not require capital binding through cash deposits or pledging of inventory, allowing businesses to use capital more efficiently. Targeted at Norwegian businesses requiring construction and contract guarantees.
• Skattetrekksgaranti Tax deduction guarantee for businesses in Norway, providing assurance to tax authorities for withheld employee taxes without requiring cash deposits or asset pledging.
• Husleiegaranti Rent guarantee for businesses, providing assurance to landlords on rental payment obligations as part of NUA's guarantee portfolio.
• Reisegarantier Travel guarantees offered to Norwegian businesses, including license guarantees (løyvegarantier) for travel-related operations.
• Alivia Kreftforsikring Cancer insurance launched in spring 2023 providing financial security and coverage for individuals diagnosed with cancer.
• Annen Sykdom Health insurance coverage for illness conditions beyond specifically named conditions, offered to Norwegian businesses and their employees.
• Ervervsuforhet Disability insurance providing capital benefit in cases of disability preventing work capability, for Norwegian businesses and individuals.
• Fritid - Ulykke Accident insurance for leisure time activities, offered through NUA's agency to Norwegian customers.
• Gruppeliv Group life insurance coverage for employee groups, sold to Norwegian businesses as part of employee benefits packages.
• Kollektiv Ulykke Collective accident insurance coverage for groups of employees, offered to Norwegian businesses.
• Sykelonn Sick pay insurance covering employer obligations to continue paying salaries to employees during illness, for Norwegian businesses.
• Yrkesskadeforsikring Occupational injury insurance covering work-related accidents and injuries, for Norwegian businesses and employees.
• Reiseforsikring Travel insurance coverage offered in partnership with AIG, with NUA representing AIG for all types of travel insurance products.
• Andre Forsikringsprodukter Additional insurance products not categorized under other specific product categories, providing supplementary coverage options to Norwegian businesses.
• Helseforsikring (ERGO) Health insurance products for the Norwegian business market (bedriftsmarkedet), distributed through partnership with ERGO Forsikring AS.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• ERGO Forsikring AScoreChannel Partner/ Reseller/ DistributorNUA has entered into a distribution agreement with ERGO Forsikring AS and can now offer health insurance products in the business market (bedriftsmarked).
• AIGcoreChannel Partner/ Reseller/ DistributorNUA represents AIG for all types of travel insurance products. This partnership enables NUA to offer comprehensive travel insurance solutions to their customers.
• Quantum LebencoreChannel Partner/ Reseller/ DistributorNUA has entered into a new agreement with Quantum Leben to ensure continued growth following a challenging period with stopped underwriting at their previous provider. This represents a strategic long-term solution for the company's continued operations.

Scale indicators1 record

Recent moves5 records

Expansion highlights3 records

Direct peers

• Riskpoint: Nordic Managing General Agent operating across Denmark, Norway, Sweden, and Finland. Closest direct peer to NUA: both operate MGA models intermediating specialty and business insurance products in Norway through carrier partnerships.
• Kneppelhagen & Co: Norwegian insurance agency and brokerage providing personal and commercial lines. Comparable to NUA as a Norwegian-registered intermediary distributing multiple carrier products to Norwegian customers, including niche covers.
• Söderberg & Partners Norway: Nordic insurance broker and wealth advisory group with Norwegian operations. Comparable to NUA as an intermediator arranging insurance products from multiple carriers for Norwegian business and personal customers.

Broad incumbents

• Howden Norway: Norwegian operations of Howden, an international insurance broker group. Comparable as a regulated broker intermediating specialty and commercial lines in Norway, though Howden's scale and product breadth exceed NUA's.
• Marsh Norway: Norwegian operations of Marsh, a global insurance broker and risk advisor. Comparable as a Finanstilsynet-registered insurance intermediary serving Norwegian businesses, though substantially larger and broader than NUA.
• Aon Norway: Norwegian arm of global insurance broker Aon. Comparable as a regulated insurance intermediary placing business-market and specialty coverage in Norway, but with a much broader portfolio and corporate focus versus NUA's SME/niche intermediary model.
• Willis Towers Watson Norway: WTW's Norwegian business, offering insurance broking, risk management, and HR-related benefits intermediation. Comparable to NUA as a regulated intermediary for business insurance lines in Norway, but with global scale.

Others

• Protector Forsikring: Norwegian-specialty insurer active in personal accident, illness, and niche commercial lines. Comparable to NUA in product focus (accident, illness, occupational injury), but operates as a carrier rather than as a distributing agent.
• Frende Forsikring: Norwegian mutual insurer distributing personal and commercial lines through agents and brokers. Comparable to NUA in Norwegian-market product overlap, but Frende is a carrier while NUA is the intermediary.
• Gjensidige Forsikring: Major Norwegian insurance carrier. Related because Gjensidige sits on the carrier side of the intermediation chain that NUA participates in; useful comparable for Norwegian market dynamics but is an underwriter rather than an agent like NUA.

Market position

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/norwegian-underwriting-agency

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Norwegian Underwriting Agency