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Home . International Insurance News . Europe . RSA’s Codan acquires renewal rights to Marine portfolio from TrygVesta

RSA’s Codan acquires renewal rights to Marine portfolio from TrygVesta

Thursday, March 11, 2010

RSA’s Codan acquires renewal rights to Marine portfolio from TrygVesta

 

March 11, 2010 – RSA Insurance Group plc (RSA) today announces that its Danish subsidiary Codan Forsikring A/S has acquired the renewal rights to TrygVesta’s marine hull portfolio for DKK 50m (GBP 6m) in cash. This transaction is in line with RSA’s focus on targeted growth in Specialty lines and strengthens Codan’s position as the third largest marine insurer in the Nordic region.
TrygVesta’s portfolio represents around 7% of the total Marine hull market in the Nordic region and net written premiums in 2009 were approximately DKK 400m (GBP 48m).
The transaction is subject to regulatory approval.
About RSA
With a 300 year heritage, RSA is one of the world’s leading multinational quoted insurance groups. It has the capability to write business in over 130 countries and with major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe. Focusing on general insurance, it has around 21,000 employees and, in 2009, its net written premiums were £6.7bn.
About Codan
Codan is the third largest general insurer in Demark offering a wide range of Commercial and Personal lines insurance. With over 100 years of experience, Codan is also the third largest marine insurer in the Nordic region, with operations in Denmark, Sweden, Norway and Finland.

The consideration and net written premiums were converted using the closing exchange rate of GBP 1: DKK 8.3 as at 28 February 2010.



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