Wednesday, August 10, 2022

Tryg and Intact Monetary Company full the sale of

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In the present day, 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 can begin on Might third 2022. TryghedsGruppen doesn’t anticipate to take part within the share buyback programme to facilitate total elevated possession of Tryg.

“We’re happy with the sale of Codan Denmark to Alm. Model, which marks an vital 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 in addition the start of a DKK 5bn share buyback programme. With this milestone behind us our focus might 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 most important non-life insurance coverage firm in Scandinavia with actions in Denmark, Norway and Sweden. Tryg had complete premiums of DKK 24.1 billion at 12 months finish 2021 and is lively within the Personal, Industrial and Company section throughout the Nordic area. Tryg supplies peace of thoughts and worth for greater than 4 million clients each 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 most important supplier of property and casualty (P&C) insurance coverage in Canada, a number one supplier of world specialty insurance coverage, and, with RSA, a frontrunner within the U.Okay. and Eire. Our enterprise has grown organically and thru acquisitions to over $20 billion of complete annual premiums. In Canada, Intact distributes insurance coverage underneath the Intact Insurance coverage model by means of a large community of brokers, together with its wholly-owned subsidiary BrokerLink, and on to customers by means of belairdirect. Intact additionally supplies affinity insurance coverage options by means of the Johnson Affinity Teams. Within the U.S., Intact Insurance coverage Specialty Options supplies a variety of specialty insurance coverage services and products by means of unbiased companies, regional and nationwide brokers, and wholesalers and managing basic companies. Outdoors of North America, the Firm supplies private, business and specialty insurance coverage options throughout the U.Okay., Eire, Europe and the Center East by means of the RSA manufacturers.

About Alm. Model A/S Group
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 can 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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