Insurers Tryg, Intact sell Danish Codan business to Alm. Brand (updated)

ALM. Brand A/S

11/06/2021 12:30

(Adds details, Tryg CEO comment, background)
    COPENHAGEN, June 11 (Reuters) - Insurers Tryg  TRYG.CO  and
Intact Financial  IFC.TO  on Friday said they had entered a deal
to sell their stakes in the Danish business of insurance company
Codan to Alm. Brand  ALMB.CO  in a deal valued at 12.6 billion
Danish crowns ($2.06 billion).
    Under the deal, which covers 100% of shares in Codan
Denmark, Tryg will receive 50% of the sale proceeds, which it
said would not impact the firm's financial guidance for 2021. 
    The deal is expected to close in the first half of 2022,
contingent on regulatory approvals, Tryg said. 
    "There has been great demand for Codan Denmark, and the
process has therefore been fairly quick," Tryg's Chief Executive
Morten Hubbe said in a statement. 
    "A prompt sale of Codan is positive for all parties – not
the least for Tryg and our shareholders," Hubbe added. 
    In one of Europe's biggest financial takeovers last year,
Canada's Intact Financial and Denmark's Tryg took control of
Codan, when they bought British insurance group RSA in a 9.6
billion deal in November.  urn:newsml:reuters.com:*:nL1N2I40T9
    Tryg will continue to own Codan's Norwegian business
activities, it said. 

    ($1 = 6.1212 Danish crowns)

 (Reporting by Nikolaj Skydsgaard; Editing by Edmund Blair)
 ((Nikolaj.Skydsgaard@thomsonreuters.com;))