M&A Deal Summary

Alm. Brand Acquires Codan

On June 11, 2021, Alm. Brand acquired insurance company Codan from Intact and Tryg for 12.6B DKK

Acquisition Highlights
  • This is Alm. Brand’s 1st transaction in the Insurance sector.
  • This is Alm. Brand’s largest (disclosed) transaction.
  • This is Alm. Brand’s 1st transaction in Denmark.

M&A Deal Summary
Date 2021-06-11
Target Codan
Sector Insurance
Buyer(s) Alm. Brand
Sellers(s) Intact
Tryg
Deal Type Divestiture
Deal Value 12.6B DKK

Target

Codan

Copenhagen,, Denmark
Codan is a provider of various non-life insurance products to individuals and companies. The company was established in 1916 and is the fourth-largest non-life insurance company in Denmark with a market share of approximately 9%. Codan assists around 240,000 households and 50,000 corporate customers.

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Buyer(S) 1

Buyer

Alm. Brand

Copenhagen, Denmark
Category Company
Founded 1792
Sector Insurance
Employees2,265
Revenue 14.6B DKK (2023)
DESCRIPTION

Alm. Brand is a non-life insurance company in Denmark with a market share of approximately 9%. Non-life Insurance assists around 320,000 households and 90,000 corporate customers. Life Insurance assists around 70,000 customers. Alm. Brand was incorporated in 1792 and is based in Copenhagen, Denmark.

DEAL STATS #
Overall 1 of 1
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 1
Country (Denmark) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 2

SELLER

Intact

Toronto, Ontario, Canada
Category Company
Founded 1809
Sector Insurance
Employees30,000
Revenue 22.1B CAD (2023)
DESCRIPTION

Intact is a provider of property and casualty insurance in Canada with $7.3 billion in premiums. Intact was founded in 1809 and is based in Toronto, Canada.

DEAL STATS #
Overall 3 of 3
Sector (Insurance) 3 of 3
Type (Divestiture) 3 of 3
Country (Denmark) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-18 RSA

London, United Kingdom

RSA is a multinational quoted insurance group. RSA has core operations in the UK, Scandinavia, Canada, Ireland, and Latin America, and has the capability to write business in around 140 countries. RSA is focusing on general insurance. RSA is based in London, the United Kingdom.

Buy £7.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-17 Highland

United Kingdom

Highland is a managing general agent specializing in the builders risk segment of the construction market.

Buy -
SELLER

Tryg

Ballerup, Denmark
Category Company
Founded 1731
Sector Insurance
Employees6,734
Revenue 40.2B DKK (2023)
DESCRIPTION

Tryg is an operator of non-life insurance companies in the Nordic region with activities in Denmark, Norway, and Sweden. Tryg provides insurance services for more than 4 million customers on a daily basis. Tryg was founded in 1731 is based in Ballerup, Denmark.

DEAL STATS #
Overall 1 of 1
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 1
Country (Denmark) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-18 RSA

London, United Kingdom

RSA is a multinational quoted insurance group. RSA has core operations in the UK, Scandinavia, Canada, Ireland, and Latin America, and has the capability to write business in around 140 countries. RSA is focusing on general insurance. RSA is based in London, the United Kingdom.

Buy £7.2B
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