RSA's Danish subsidiary acquires renewal rights from TrygVesta

RSA's Danish subsidiary Codan Forsikring A/S has acquired the renewal rights to TrygVesta’s marine hull portfolio for £6m.

The insurer said the deal is in line with its focus on targeted growth in specialty lines and added that it strengthens Codan’s position as the third largest marine insurer in the Nordic region.

TrygVesta’s portfolio represents around 7% of the total marine hull market in the Nordic region and net written premiums in 2009 were approximately £48m.

Together with the renewal rights of TrygVesta's marine hull organisation in Ballerup, Bergen and Stockholm, a total of 24 employees, will be transferred to Codan.

The deal is expected to complete during spring 2010 and is subject to regulatory approval.

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