Codan A/S - ID code 1028863 - 8
With effect from June 2007, Codan Forsikring A/S has reached an agreement with
the Finnish insurance company Pohjola Non-Life Insurance Company ltd. to acquire
their marine portfolio and in connection herewith to open a branch in Helsinki,
Finland. The portfolio has an estimated gross written premium of USD 22 million
and constitute 40 % of the total Finnish marine market. The portfolio will be
integrated in Codan's activities into the Nordic Marine division, i.e.
Codan/Trygg-Hansa Marine.
Rickard Gustafson, CEO of the Codan Group:
“As part of our Nordic growth agenda we are pleased to be present in yet another
market. Pohjola's Marine portfolio was a natural choice since a co-operation was
already in place with our majority shareholder, Royal & SunAlliance Group, on
the international commercial insurance.”
The acquisition does not change the forecasted COR range expressed in the
interim announcement 8 March 2007. The completion of the transaction is
conditional on the approval of the Finnish regulatory authorities.
For further information please contact
Jeanette Fangel Løgstrup, Director Communications on (+45) 33 55 23 53
Yours Sincerely
Codan A/S
Vibeke Krag
Company secretary
