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RSA's Codan buys Finnish marine book

Posted On: Mar. 23, 2007 12:00 AM CST

COPENHAGEN—Codan Forsikring A/S has picked up a significant piece of the Finnish marine hull market in its purchase of a book of business from Pohjola Group P.L.C.

Codan, based in Copenhagen, bought the Finnish insurer's entire marine hull portfolio, which amounts to around 40% of Finland's market for that business.

The Danish insurer is majority owned by London-based Royal & Sun Alliance Insurance Group P.L.C. The acquisition marks RSA's entrance into the Finnish insurance market.

Codan also announced that it will open an office in Helsinki, where Pohjola is based.Pojhola's hull business generated 2006 premiums of $22 million.

Richard Gustafson, chief executive officer of the Codan Group, said in a statement that the deal is part of the insurer's "Nordic growth agenda" and Pohjola was a natural choice because of its existing relationship with Royal & SunAlliance Group, Codan's majority shareholder.

The acquisition means Codan has a book of Nordic marine business that will now generate around $100 million in annual gross premiums, the insurer said.