• Investment
  • Insurance
  • Finance
  • Internet
  • Technology
  • 200Mbps
Trending
  • Plant-Based Meat Firm Accuses Beyond Meat, Dunkin’ of Trademark Violation Over Slogan
  • Global Shipping Industry Pushes to Rescue Seafarers Trapped in Ukraine
  • Howden, Munich Re and Skyline Develop Parametric Cover for Jamaica Farmers
  • Supreme Court Rules Against Discrimination Claim for Emotional Distress
  • Should I Invest In The Trade Desk Stock Right Now?
  • 4 Tips for Content Creators Looking for More Brand Collaboration Opportunities • Merdeka
  • Tryg and Intact Financial Corp. Complete Sale of Codan Denmark to Alm. Brand
  • What Does ‘Paper Hands’ Mean?
MERDEKA MERDEKA
  • Investment
  • Insurance
  • Finance
  • Internet
  • Technology
  • 200Mbps
MERDEKA MERDEKA
You are at:Home » Tryg and Intact Financial Corp. Complete Sale of Codan Denmark to Alm. Brand
Tryg and Intact Financial Corp. Complete Sale of Codan Denmark to Alm. Brand

Tryg and Intact Financial Corp. Complete Sale of Codan Denmark to Alm. Brand

0
By admin on February 1, 2023 Insurance

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.

An important insurance coverage information,in your inbox each enterprise day.

Get the insurance coverage business’s trusted e-newsletter

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticlePro-Russian Hacking Group Attacks Romanian Websites
admin
  • Website

Related Posts

Musk-Owned Twitter Will Have to Follow EU’s Rules: Commissioner

Brown & Brown Agrees to Acquire Dublin’s Quinlan Insurance

Supreme Court Rules Against Discrimination Claim for Emotional Distress

Leave A Reply Cancel Reply

YOU MAY INTEREST
October 28, 2022

Woman Missing in Colorado Wildfire Was Last Seen Trying to Save Dogs

October 22, 2022

Is Garmin Stock A Good Buy Right Now?

January 29, 2023

Florida Action Against Disney More Complicated Than Lawmakers May Have Known

August 9, 2022

Strong Earnings Report Leads to Jump in Share Price of Murdoch’s News Corp

December 15, 2022

Insurtech MGA Loadsure Raises $11M to Expand Cargo Insurance Technology Platform

Copyright © 2023 Merdeka
  • About
  • Contact
  • Sitemap
  • Disclaimer
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.

Next Up

Previous
Pro-Russian Hacking Group Attacks Romanian Websites

Romanian authorities web sites and different establishments have been the goal of a cyber assault Friday morning that the nation’s…

Random
Global Insurance Rates Continue to Moderate in Q1 – With the Exception of Cyber

World industrial insurance coverage costs rose 11% within the first quarter of 2022, marking the fifth consecutive discount in price…