September 26, 2022

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Alm. Logo A/S – Final touch of the purchase of Codan

Announcement no. 11/2022

Final touch of the purchase of Codan Forsikring’s Danish industry and appointment of recent Crew Control

Alm. Logo has lately finished the purchase of Codan Forsikring’s Danish industry (“Codan”), thereby developing the second-largest non-life insurance coverage corporate in Denmark with a extra assorted buyer portfolio, estimated at about 700,000 families and company shoppers.

The brand new Alm. Logo Crew will include 8 industry spaces, every headed through an Government Vice President who will likely be accountable for managing and growing the industry space around the workforce’s manufacturers. 5 industry spaces are at once associated with insurance coverage operations and customer support (Business, Business, Non-public, Bancassurance and Claims Products and services), whilst 3 industry spaces (Industry Building & Era, Finance and Group of workers Purposes) are key to supporting the crowd’s operations and construction.

Rasmus Werner Nielsen will likely be Crew CEO and Government Vice President of Group of workers Purposes, and Anne Mette Toftegaard will likely be Deputy CEO and Government Vice President of Non-public. Mikael Hvolgaard will likely be Government Vice President of Business and can be accountable for Non-public till Anne Mette Toftegaard takes up her place on 1 October 2022. Camilla Amstrup will likely be Government Vice President of Business, Kim Bai Wadstrøm will likely be Government Vice President of Bancassurance, and Henrik Bundgaard will likely be Government Vice President of Claims Products and services. The brand new workforce control additionally accommodates Andreas Ruben Madsen as CFO and Government Vice President of Finance. Kristian Hjort-Madsen is Government Vice President of Industry Building & Era.

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CEO Rasmus Werner Nielsen:
“Nowadays, we’re presenting our robust long term workforce control accountable for finishing a a success merger of our two firms. Our objective is to create even higher insurance coverage merchandise for our shoppers, be offering new occupation paths for our staff and succeed in the monetary ambitions for our new workforce.”

“Codan, Privatsikring and Alm. Logo every hang robust positions out there, and the 3 manufacturers now stand to get pleasure from having a joint control, more potent construction alternatives and quite a lot of shared workforce purposes. Alm. Logo and Codan supplement every different rather well. Going ahead, we can mix the most productive of each firms to create even higher insurance coverage merchandise for our shoppers. I’m having a look very a lot ahead to embarking in this thrilling adventure with our new workforce control and all of our colleagues around the workforce.”

Synergies
Alm. Logo nonetheless expects to understand considerable synergies and economies of scale from the average IT platform, procurement, management, hire prices, shared purposes and claims processing, thereby making improvements to the profitability and aggressive energy of the mixed corporate. Synergies are anticipated to overall round DKK 600 million earlier than tax and to be totally realised in 2025, with an collected impact of round DKK 90 million in 2022, DKK 240 million in 2023, DKK 450 million in 2024 and DKK 600 million in 2025. With a purpose to realising the synergies, Alm. Logo expects to incur restructuring and transaction prices of roughly DKK 1.0 billion after tax.

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Touch

Please direct any questions referring to this announcement to:

Buyers and fairness analysts:                 

Head of Investor Members of the family                Senior Investor Members of the family Officer
Mads Thinggaard                 Mikael Bo Larsen
Cellular no. +45 2025 5469                Cellular no. +45 5143 8002

Press:        

Head of Media Members of the family
Maria Lindeberg
Cellular no. +45 2499 8455

  • AS 11 2022 – Final touch of Codan acquisition