Pan-Nordic property & casualty (P&C) company If has completed its merger with the P&C business of Finnish company Sampo.
The deal makes If the largest P&C insurance company in the Nordic region, with a market share of 24%, 3.7 million customers and 8,000 employees.
If will have pro forma premium volume of approximately SKr35bn (£2.4bn) and a net asset value of SKr17.3bn (£1.2bn).
If is a non-life insurance company owned by Skandia of Norway and Storebrand of Sweden.
The new ownership structure will see Sampo hold 38.05%, Storebrand 22.47%, Skandia 19.36%, Varma-Sampo 10.06% and Skandia-Liv 10.06%.
The companies first announced the merger in early November 2001. At the time, they said If's capital base would be strengthened by shareholder contributions totalling nearly SKr3bn (£202.2m), of which SKr558m (£37.6m) would come from Skandia.
The 10% stake held by Varma-Sampo, a mutual pension insurance company, gives the Sampo group 50% of If's voting shares.
