STOCKHOLM, Sweden, March 22, 2002 (PRIMEZONE) -- Nordea has now entered the general insurance market in Estonia. Focus will be on commercial insurance.
The recently finalized deal is between Nordea's Danish insurance company, Tryg, and the Estonian company Nordika Kindlustus. In October 2001, the two companies signed an agreement for Tryg to take over the general insurance operations of Nordika Kindlustus. Following the required approvals by the public authorities, Tryg has now taken over the general insurance portfolio, 90 employees and all business related assets of Nordika Kindlustus. The name of the new subsidiary, which is wholly owned by Tryg, is Nordea Kindlustus.
The life insurance company, Nordika Elukindlustus, is not part of the agreement and will continue to operate as an independent company.
Nordea Kindlustus is the fifth largest general insurance company in Estonia with a 5% market share. The company was formed in 1990, has its headquarters in Tallinn and is represented in all major cities in the country.
Though Nordea Kindlustus will focus primarily on commercial insurance, it will also continue offering personal insurance products and will develop its cooperation with Nordea units in Estonia (Nordea Bank Estonian Branch and Nordea Finance Estonia). Nordea has conducted banking business in Estonia since 1995.
Nordea's business area General Insurance comprises Tryg, the largest general insurance company in Denmark, Vesta, the third largest general insurance company in Norway plus operations in Finland and Poland and now also Estonia.
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