Announcement no. 11/2022
Completion of the acquisition of Codan Forsikring’s Danish small business and appointment of new Team Management
Alm. Model has currently accomplished the acquisition of Codan Forsikring’s Danish enterprise (“Codan”), therefore developing the 2nd-largest non-existence coverage business in Denmark with a far more diversified customer portfolio, believed at about 700,000 homes and company buyers.
The new Alm. Brand name Team will consist of 8 company places, each headed by an Government Vice President who will be in demand of running and creating the business space throughout the group’s brands. 5 business enterprise places are immediately associated to insurance policy functions and purchaser service (Industry, Professional, Non-public, Bancassurance and Statements Solutions), while three company parts (Organization Development & Engineering, Finance and Staff Capabilities) are vital to supporting the group’s functions and growth.
Rasmus Werner Nielsen will be Group CEO and Executive Vice President of Workers Features, and Anne Mette Toftegaard will be Deputy CEO and Executive Vice President of Non-public. Mikael Hvolgaard will be Executive Vice President of Field and will also be in charge of Personal until Anne Mette Toftegaard usually takes up her posture on 1 Oct 2022. Camilla Amstrup will be Govt Vice President of Professional, Kim Bai Wadstrøm will be Executive Vice President of Bancassurance, and Henrik Bundgaard will be Government Vice President of Claims Companies. The new group management also comprises Andreas Ruben Madsen as CFO and Govt Vice President of Finance. Kristian Hjort-Madsen is Government Vice President of Enterprise Improvement & Technology.
CEO Rasmus Werner Nielsen:
“Today, we’re presenting our strong foreseeable future team administration in charge of finishing a effective merger of our two corporations. Our intention is to build even much better coverage products and solutions for our prospects, offer you new career paths for our staff and realize the monetary ambitions for our new group.”
“Codan, Privatsikring and Alm. Model each individual hold robust positions in the current market, and the 3 models now stand to advantage from acquiring a joint administration, much better advancement possibilities and a amount of shared team capabilities. Alm. Brand and Codan enhance each and every other pretty properly. Heading ahead, we will combine the very best of equally organizations to generate even superior insurance policies products and solutions for our consumers. I’m looking extremely a great deal forward to embarking on this fascinating journey with our new team administration and all of our colleagues throughout the team.”
Synergies
Alm. Model continue to expects to realise sizeable synergies and economies of scale from the prevalent IT platform, procurement, administration, lease prices, shared features and statements processing, therefore bettering the profitability and competitive energy of the merged company. Synergies are anticipated to whole about DKK 600 million in advance of tax and to be thoroughly realised in 2025, with an accumulated effect of around DKK 90 million in 2022, DKK 240 million in 2023, DKK 450 million in 2024 and DKK 600 million in 2025. With a watch to realising the synergies, Alm. Brand name expects to incur restructuring and transaction prices of around DKK 1. billion soon after tax.
Get hold of
Make sure you immediate any queries with regards to this announcement to:
Buyers and equity analysts:
Head of Trader Relations Senior Investor Relations Officer
Mads Thinggaard Mikael Bo Larsen
Mobile no. +45 2025 5469 Cell no. +45 5143 8002
Press:
Head of Media Relations
Maria Lindeberg
Cellular no. +45 2499 8455
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