Intact Financial Corp. and its Danish insurer partner Tryg A/S have sealed a deal to sell Codan Forsikring A/S's Danish business (Codan Denmark) to Alm. Brand A/S Group for around $2.52 billion (approx. CA$3.08 billion), according to the Canadian Press.
Codan Denmark was acquired by Intact and Tryg A/S through their £7.2 billion (CA$12.51 billion) takeover of RSA Insurance Group, which was finalized last week.
It is the one business unit that was co-owned following the mega-deal. The rest of RSA’s business was broken up between the two insurers, with Toronto-based Intact taking the Canadian, UK, and international operations, while Tryg took the Swedish and Norwegian operations, in turn making it Scandinavia’s biggest listed property and casualty insurer.
According to the Canadian Press, the sale of Codan Denmark is expected to close during the first half of 2022, subject to approvals from regulatory and antitrust authorities as well as other conditions.
It is believed Intact and Tryg A/S will each receive 50% of the proceeds from deal. Intact said it will use the money to repay debt and for general corporate purposes.