Friday, August 12, 2022

Tryg and Intact Monetary Company full the sale of Codan Denmark to Alm. Model

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Tryg A/S

Tryg A/S

Right now, Tryg A/S and Intact Monetary Company, have accomplished the sale of Codan Forsikring A/S’ Danish enterprise (‘Codan DK’) to Alm. Model A/S, having obtained all required approvals.

On June 11 2021, it was introduced that Codan DK was acquired by Alm. Model for a complete money consideration of DKK 12.6bn. Tryg receives 50% of the gross sales proceeds amounting to roughly DKK 6.3bn. As already introduced on April twenty seventh, Tryg will use the proceeds to hold out a share buyback programme of DKK 5bn which is able to begin on Could third 2022. TryghedsGruppen doesn’t count on to take part within the share buyback programme to facilitate general elevated possession of Tryg.

“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 accumulate RSA’s Norwegian and Swedish enterprise, but additionally the start of a DKK 5bn share buyback programme. With this milestone behind us our focus will probably be to efficiently combine Trygg-Hansa and Codan Norway into the enterprise, and the belief of the promised synergies” says Morten Hübbe, Group CEO at Tryg.

About Tryg A/S
Tryg is the biggest non-life insurance coverage firm in Scandinavia with actions in Denmark, Norway and Sweden. Tryg had whole premiums of DKK 24.1 billion at 12 months finish 2021 and is energetic within the Non-public, Industrial and Company section throughout the Nordic area. Tryg supplies peace of thoughts and worth for greater than 4 million clients every day. Tryg A/S is listed on NASDAQ Copenhagen and roughly 45% of the shares are held by TryghedsGruppen smba. TryghedsGruppen, yearly, contributes round DKK 650m to peace of thoughts functions by way of TrygFonden.

About Intact Monetary Company
Intact Monetary Company (TSX: IFC) is the biggest 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 U.Okay. and Eire. Our enterprise has grown organically and thru acquisitions to over $20 billion of whole annual premiums. In Canada, Intact distributes insurance coverage underneath the Intact Insurance coverage model via a large community of brokers, together with its wholly-owned subsidiary BrokerLink, and on to shoppers via belairdirect. Intact additionally supplies affinity insurance coverage options via the Johnson Affinity Teams. Within the U.S., Intact Insurance coverage Specialty Options supplies a variety of specialty insurance coverage services via impartial businesses, regional and nationwide brokers, and wholesalers and managing basic businesses. Exterior of North America, the Firm supplies private, business and specialty insurance coverage options throughout the U.Okay., Eire, Europe and the Center East via the RSA manufacturers.

About Alm. Model A/S Group
Alm. Model is headquartered in Copenhagen and has roughly 1,400 staff. 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 could have roughly 2,400 staff and a market share of roughly 18%, thus making it a quantity two within the Danish non-life market.

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