Tryg A/S and Intact Monetary Corp., have accomplished the sale of Codan Forsikring A/S’ Danish enterprise to Alm. Model A/S, after receiving all required approvals.
On June 11 2021, it was introduced that Codan DK would be acquired by Alm. Brand for a complete money consideration of 12.6 billion Danish kroner (roughly $1.79 billion). Codan turned a collectively owned subsidiary of Intact and Tryg, following the 2021 acquisition of RSA Insurance Group plc.
Intact and Tryg every will obtain 50% of the sale proceeds, or about 6.3 billion Danish kroner (roughly $893 million).
The sale is the ultimate step within the acquisition of RSA by Canada’s Intact Monetary and Denmark’s Tryg. Tryg will use the proceeds to hold out a share buyback program of 5 billion Danish kroner, which is able to begin on Could 3, 2022.
“We’re happy with the sale of Codan Denmark to Alm. Model, which marks an essential milestone for Tryg. Not solely is that this the ultimate step in a well-run course of to amass RSA’s Norwegian and Swedish enterprise, but additionally the start of a DKK 5 billion share buyback program,” commented Morten Hübbe, group CEO at Tryg. “With this milestone behind us our focus will likely be to efficiently combine Trygg-Hansa and Codan Norway into the enterprise, and the conclusion of the promised synergies.”
About Tryg A/S, Intact Monetary Corp. and About Alm. Model A/S Group
Tryg is the most important non-life insurance coverage firm in Scandinavia with actions in Denmark, Norway and Sweden. Tryg had whole premiums of 24.1 billion Danish kroner, at 12 months finish 2021 and is lively within the personal, industrial and company phase throughout the Nordic area. Tryg A/S is listed on NASDAQ Copenhagen and roughly 45% of the shares are held by TryghedsGruppen smba.
Intact Monetary Corp. is the most important supplier of property and casualty (P/C) insurance coverage in Canada, a number one supplier of worldwide specialty insurance coverage, and, with RSA, a pacesetter within the UK and Eire.
Alm. Model is headquartered in Copenhagen and has roughly 1,400 workers. The corporate was established in 1792 and is the third-largest non-life insurance coverage firm in Denmark with a market share of roughly 9% previous to the acquisition of Codan DK. Non-life insurance coverage assists round 320,000 households and 90,000 company clients. Following the acquisition, Alm. Model may have roughly 2,400 workers and a market share of roughly 18%, thus making it a quantity two within the Danish non-life market.
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