Sweden’s Skandia, Norway’s Storebrand and Finland’s Pohjola originally agreed to merge their respective p/c business into a pan-Scandinavian group with the unlikely name of “If….”
Pohjola recently announced that it was pulling out of the deal, which caused analysts to question its continued viability. If… claims that the their agreement is binding, and has threatened to seek damages, if Pohjola attempts to cancel the merger.
Now a new possibility has emerged. According to an article in The Sunday Telegraph, U.K. insurer Royal & Sun Alliance (RSA) is interested in acquiring the joint venture. RSA, which controls 72 percent of Denmark’s Codan has been seeking to expand its Nordic operations, and the bid, if successful would make it one of the largest Scandinavian p/c insurers.
If… had no immediate comment on the article, calling it “speculation,” but spokesmen did indicate that if a bid were forthcoming it would then announce its position.
If… is valued at around $1.49 billion.
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