Canadian property and casualty (P&C) insurer Intact Financial Corporation, and Scandinavian insurer Tryg A/S, has announced the completion of the sale of Codan Forsikring A/S’s Danish business – Codan Denmark (Codan DK) to Alm. Brand A/S Group.
In June 2021, it was announced that Codan DK was acquired by Alm. Brand for a total cash consideration of DKK 12.6 billion (USD 2.52 billion). Tryg will receive 50% of the sales proceeds amounting to approximately DKK 6.3bn.
With the acquisition complete, the new Alm. Brand Group will become the second-largest non-life insurance company in Denmark with a more diversified customer portfolio, estimated at around 700,000 households and corporate customers.
The new Alm. Brand Group will consist of eight business areas, each led by an Executive Vice President who will be in charge of managing and developing the business area across the groups brands.
Five of the business areas will be directly related to both insurance operations and customer service. These areas will be Industry, Commercial, Private, Bancassurance and Claims Services, while the three other business areas – Business Development & Technology, Finance and Staff Functions, will be key within supporting the groups operations and development.
Rasmus Werner Nielsen will be Group CEO and Executive Vice President of Staff Functions, and Anne Mette Toftegaard will be Deputy CEO and Executive Vice President of Private.
Mikael Hvolgaard will be Executive Vice President of Industry and will also be in charge of Private until Anne Mette Toftegaard takes up her position on October, 1 2022.
Camilla Amstrup will be Executive Vice President of Commercial, Kim Bai Wadstrøm will be Executive Vice President of Bancassurance, and Henrik Bundgaard will be Executive Vice President of Claims Services.
The new group management also comprises Andreas Ruben Madsen as CFO and Executive Vice President of Finance. Kristian Hjort-Madsen is Executive Vice President of Business Development & Technology.
CEO Rasmus Werner Nielsen, commented: “Today, we’re presenting our strong future group management in charge of completing a successful merger of our two companies. Our goal is to create even better insurance products for our customers, offer new career paths for our employees and achieve the financial ambitions for our new group.
“Codan, Privatsikring and Alm. Brand each hold strong positions in the market, and the three brands now stand to benefit from having a joint management, stronger development opportunities and a number of shared group functions. Alm. Brand and Codan complement each other very well.
“Going forward, we will combine the best of both companies to create even better insurance products for our customers. I’m looking very much forward to embarking on this exciting journey with our new group management and all of our colleagues across the group.”
Addressing the sale of Codan DK to Alm. Brand, Morten Hübbe, Group CEO at Tryg, said: “We are pleased with the sale of Codan Denmark to Alm. Brand, which marks an important milestone for Tryg. Not only is this the final step in a well-run process to acquire RSA’s Norwegian and Swedish business, but also the beginning of a DKK 5bn share buyback programme.
“With this milestone behind us our focus will be to successfully integrate Trygg-Hansa and Codan Norway into the business, and the realization of the promised synergies”
