Intact Financial has announced that following its proposed takeover of RSA Insurance Group – together with Tryg A/S – Christian Baltzer will continue to serve as CEO of Codan Denmark.
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. This includes the acquisition of sole control of RSA’s Danish business placed in Codan A/S.
Under the proposed transaction, RSA’s Denmark business will be jointly owned by Intact Financial and Tryg on a 50/50 economic basis; Intact will take management responsibility. In addition, Intact will own RSA’s Canadian, UK, and international businesses, while Tryg A/S will maintain RSA’s Swedish and Norwegian businesses, Trygg-Hansa and Codan Norway.
Baltzer and the rest of the Codan Denmark team will work together with Intact following the acquisition to drive the continued success of the business, while assessing strategic alternatives for Codan Denmark’s long-term ownership.
“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,” said Intact Financial CEO Charles Brindamour. “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.”
“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,” commented Baltzer, who added that both Codan and Intact believe that a “strong data-driven mindset” and a customer-centric focus is the key to realizing Codan Denmark’s potential.
Read more: RSA sale: Shareholders grant go-ahead
Both Intact Financial and Tryg A/S announced their bid for RSA Insurance Group on November 18, 2020. RSA shareholders approved the takeover earlier this year, January 18, 2021.
