RSA Insurance Group said that its Danish subsidiary Codan Forsikring A/S has acquired the renewal rights to TrygVesta’s marine hull portfolio for DKK50m in cash.
The company said that the transaction is in line with its focus on targeted growth in specialty lines and strengthens Codan’s position as marine insurer in the Nordic region.
RSA said that the TrygVesta’s portfolio represents around 7% of the total marine hull market in the Nordic region and net written premiums in 2009 were approximately DKK400m.
RSA is a general insurer and 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 and Latin America. Focusing on general insurance, it has around 21,000 employees and, in 2008, its net written premiums were GBP6.5bn.