Insurer buys 80.8% stake in Sweden's ninth largest insurer

RSA Insurance Group has acquired 80.8% of Sveland P&C, for SEK 138m (£12m) in cash, subject to regulatory approval.

Sveland P&C is the 9th largest private insurer in Sweden with gross written premiums of SEK 480m (£42m) in 2008.

In a statement, RSA said: "Building on the success of our bank distribution model in Denmark, this acquisition will strengthen the group’s banking distribution and presence in southern Sweden and is consistent with RSA's strategy of building leading positions in targeted segments."