Danish TrygVesta to offload marine insurance portfolio for DKK50m

11 March 2010 - Danish insurer Trygvesta A/S (CPH: TRYG) said today that it has agreed to sell the renewal rights for its marine hull insurance portfolio to sector player Codan A/S, part of UK RSA Insurance Group (LON: RSA), for a total DKK50m.

The annual premium income for the segment was some DKK400m in 2009. The portfolio comprises marine hull insurance contracts for the Nordic market, corresponding to a market share of 7%.

Trygvesta also said that a total of 24 employees of its organisation, which has offices in Ballerup, Bergen and Stockholm, will be transferred to Codan.

The transaction, subject to approval by the authorities, is expected to be completed in the spring of 2010.

The parties entered the deal via their respective units TrygVesta Forsikring A/S and Codan Forsikring A/S.

(EUR1 = DKK7.4)

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