TORONTO, April 22, 2021 /CNW/ - Intact today
confirmed that Christian Baltzer
will continue as CEO of Codan Denmark following the completion of
the proposed takeover of RSA Insurance Group plc by Intact
Financial Corporation (TSX: IFC) and Tryg A/S, currently expected
in the second quarter of 2021.
Under the proposed transaction, Codan Denmark will be jointly
owned by the two parties on a 50/50 economic basis with Intact
taking management responsibility.
Working together with Intact, Christian
Baltzer and the Codan Denmark-team will drive the continued
success of the business, whilst assessing strategic alternatives
for its long-term ownership.
Charles Brindamour, CEO, Intact
Financial Corporation:
"The entire Codan team in Denmark, led by Christian Baltzer, has undergone remarkable
development over the past year, and has achieved strong results.
Codan Denmark is an iconic brand in a great market. We are
confident that Codan Denmark can continue to realize its
significant potential, and Christian
Baltzer is the right person to lead that journey forward,"
says Charles Brindamour, CEO, Intact
Financial Corporation.
Christian Baltzer, CEO, Codan
Denmark:
"Codan Denmark is a company with exceptionally skilled employees
and a diversified, customer-focused business. I and the rest of the
Codan team in Denmark are really
looking forward to the future. Both Intact and Codan believe that a
strong data-driven mindset – combined with a strong
customer-centric focus - is the way forward to realizing Codan
Denmark's great potential."
Notes to editors:
- Intact Financial Corporation and Tryg A/S announced their bid
for RSA Insurance Group plc on 18th November
2020. RSA shareholders approved the takeover on 18th January 2021.
- Under the proposed transaction, RSA's business in Denmark will be jointly owned by the two
parties on a 50/50 economic basis with Intact taking management
responsibility. Intact will own RSA's Canadian, UK and
International businesses, while Tryg A/S will retain RSA's Swedish
and Norwegian businesses, Trygg-Hansa and Codan Norway.
- The Danish Competition and Consumer Authority has granted
approval to Intact Financial Corporation to acquire sole control of
RSA's business outside Norway and
Sweden, including the acquisition
of sole control of RSA's Danish business placed in Codan A/S
- The proposed takeover is subject to the satisfaction or waiver
of certain conditions including financial regulatory approvals in
relevant markets, the sanction of the scheme by the Court and the
re-registration of RSA Insurance Group plc as a private limited
company.
- The Danish Competition and Consumer Authority has granted
approval to Intact Financial Corporation to acquire control of
RSA's business outside Norway and
Sweden, including the acquisition
of control of RSA's Danish business placed in Codan A/S.
- Completion is currently expected during Q2 2021.
About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider
of property and casualty (P&C) insurance in Canada and a leading provider of specialty
insurance in North America, with
over $12 billion in total annual
premiums. The Company has over 16,000 employees who serve more than
five million personal, business and public sector clients through
offices in Canada and the U.S.
In Canada, Intact distributes
insurance under the Intact Insurance brand through a wide network
of brokers, including its wholly-owned subsidiary BrokerLink, and
directly to consumers through belairdirect. Frank Cowan Company, a
leading MGA, distributes public entity insurance programs including
risk and claims management services in Canada.
In the U.S., Intact Insurance Specialty Solutions provides a
range of specialty insurance products and services through
independent agencies, regional and national brokers, wholesalers
and managing general agencies. Products are underwritten by the
insurance company subsidiaries of Intact Insurance Group
USA, LLC.
SOURCE Intact Financial Corporation