HDI Global Specialty SE has snapped up a specialist managing general agent in Sweden.
Without disclosing the deal price, HDI Global Specialty SE said it acquired 76.5% of the shares in Svedea AB with an option to purchase the remaining stake at the end of 2021.
One of the three largest insurers of yachts, motorcycles, and snowmobiles in the Swedish market, the MGA has 250,000 clients and approximately €100 million (around £89.5 million) in annual premiums.
“Svedea is a strong brand in its own right in Sweden and an excellent distribution platform for HDI Global Specialty SE,” noted chief executive Ralph Beutter. “Having a fully integrated MGA enables us to build on their market position, excellent client base, and broad product offering.”
A joint venture of HDI Global SE and Hannover Re, HDI Global Specialty SE started operating in January.
Commenting on the development, Svedea founder and CEO Pär Pettersson said: “To establish a new niche insurance business in Sweden, as a part of the Hannover Re group, has been a privilege.
“I am confident that we, together with HDI Global Specialty SE, will continue to innovate and be a strong challenger in the Swedish specialty market.”
