Denmark's biggest insurer Tryg to acquire Alka in €1.1bn deal

By Johan De Mulder

Tryg, the largest insurer in Denmark, has agreed to acquire rival Alka Forsikring in a deal worth €1.1bn.

Rumours of the merger surfaced at the end of last week and Tryg confirmed details on Monday, with the transaction set to complete in the first half of 2018.

Tryg is looking to strengthen its position in the property and casualty (P&C) insurance market and Alka is the eighth biggest insurer in that particular sector, holding a current customer database of around 380,000.

See also:


According to Tryg's statement, Alka also has specific expertise in data analytics and fraud detection while carrying a strong, recognisable brand in the country.

"We are very satisfied with the acquisition of Alka, which will strengthen our position in Denmark," said Group CEO Morten Hübbe. "Alka has delivered a combination of strong financial results and high growth, driven by excellent customer satisfaction, and is at the forefront of digital distribution and making it simpler to be a customer.

"We look forward to further developing the already strong cooperation between Alka and the unions, building on Tryg's experience cooperating with unions."

Analysts are suggesting that the acqusition could increase Tryg's market share by 4% from 18% to 22%. 

Share
Share

Featured Articles

Top 10 largest revenue generating family businesses in MENAT

From the UAE to Turkey, these family firms are the largest by revenue in MENAT and cover everything from energy to entertainment

Top 10 metaverse projects in the UAE, including world firsts

As Accenture predicts the metaverse will fuel a US$1 trilion commerce opportunity by 2025, we round up 10 pioneering metaverse projects in the UAE

PwC’s survey shows Middle East CEOs remain upbeat on growth

CEOs in the Middle East are far more optimistic about regional growth than those in North America and Europe, according to PwC’s annual survey

Opinion: “Why we must tackle the digital skills crisis"

Leadership & Strategy

5 Mins With: Kathryn Kaminsky Vice Chair Trust Solutions PwC

Leadership & Strategy

Survey: The Future of Cloud Security in the Middle East

Technology