Reinsurance News

HDI Global Specialty expands in Sweden with Svedea acquisition

23rd July 2019 - Author: Luke Gallin

HDI Global Specialty SE, a joint venture of reinsurance giant Hannover Re and HDI Global SE, has acquired alternative specialty lines Managing General Agent (MGA) Svedea AB, boosting its presence in Sweden.

HDI Global logoSvedea is one of the largest insurers of yachts, motorcycles and snowmobiles in the Swedish insurance market, with 250,000 clients that generate annual premiums of around €100 million (USD 112 million).

Under the transaction, HDI Global Specialty SE has acquired 76.5% of the shares in the Swedish MGA, with an option to purchase the remaining shares at the end of 2021.

The purchase price has not been disclosed and according to an announcement on the deal, this is a strategic acquisition that will ensure the delivery of a positive profit contribution and has favourable implications as the firm expands.

Chief Executive Officer (CEO) of HDI Global Specialty SE, Ralph Beutter said: “Svedea is a strong brand in its own right in Sweden and an excellent distribution platform for HDI Global Specialty SE. Having a fully integrated MGA enables us to build on their market position, excellent client base and broad product offering.”

CEO of Svedea, Pär Pettersson, added: “To establish a new niche insurance business in Sweden, as a part of the Hannover Re group, has been a privilege. I am confident that we, together with HDI Global Specialty SE, will continue to innovate and be a strong challenger in the Swedish specialty market.”

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
Andrew Hughes promoted to Managing Principal of Hiscox ILS

Global insurer and reinsurer Hiscox has announced the promotion of Andrew Hughes to Managing Principal of Hiscox ILS, subject to...