Danish insurer Codan is expected to make an offer for Tryg, the non-life insurance arm of the Nordic region's biggest banking group, Nordea.
The possible takeover was mentioned in a research note from brokerage Handelsbanken Securities. The brokerage also raised its rating on Codan to "strong buy" due to expectations of solid fourth quarter earnings.
Last year, Nordea put Tryg up for sale, and analysts have mentioned Codan and pan-Nordic insurer if as the most likely buyers.
Handelsbanken said it expected Codan's majority stakeholder, Royal & SunAlliance, which holds 71.5%, to buy out the remaining Codan shareholders and delist the company if Tryg is acquired.
