11th Mar 2010 07:37
RSA acquires renewal rights to Marine portfolio from TrygVesta
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.
For further information:
| Analysts | Press | |||||||||
| Claire Cordell | Louise Shield | |||||||||
| Tel: +44 (0) 20 7111 7212 | Tel: +44 (0) 20 7111 7047 | |||||||||
| Suzannah Oliver | Simon Kutner | |||||||||
| Tel: +44 (0) 20 7111 7140 | Tel: +44 (0) 20 7111 7327 | |||||||||
Notes to editors:
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.
Important Disclaimer
This press release may contain 'forward-looking statements' with respect to certain of the Group's plans and its current goals and expectations relating to its future financial condition, performance results, strategic initiatives and objectives. Generally, words such as "may" "could", "will", "expect", "intend", "estimate", "anticipate", "aim", "outlook", "believe", "plan", "seek", "continue" or similar expressions identify forward-looking statements. These forward-looking statements are not guarantees of future performance. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the Group's control, including amongst other things, UK domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which the Group and its affiliates operate. As a result, the Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Group's forward-looking statements. Forward-looking statements in this press release are current only as of the date on which such statements are made. The Group undertakes no obligation to update any forward-looking statements, save in respect of any requirement under applicable law or regulation. Nothing in this press release shall be construed as a profit forecast.
Copyright Business Wire 2010
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