Alm. Brand has acquired the Danish business of Codan from the Tryg and Intact Groups for DKK 12.6bn.
With the acquisition, Alm. Brand will become the second-largest insurance company in Denmark with a market share of approx. 18%. The transaction doubles the business of Alm. Brand, and synergies are expected to reach a total of DKK 600m.
Alm. Brand is financing the acquisition by way of a planned rights issue which is expected to yield approx. DKK 11.6bn.
The transaction is subject to approval from the authorities.
Accura advised Alm. Brand in connection with the transaction.