A.M. Best Co. announced that it will maintain the “under review status” with developing implications of its A- (Excellent) financial strength rating on Tryg-Baltica Insurance, International Insurance Company A/S, Denmark, and its wholly owned subsidiary, Tryg-Baltica International (UK) Limited.
The announcement follows disclosure of the intention of Denmark’s Nordea Group that it has signed a letter of intent with Tryg i Danmark (Tryg) smba to sell it 100% of Tryg-Baltica’s general Insurance business for €760 million ($727 million) in cash and additional deferred contingent consideration, if either Tryg combines with another business and/or Tryg achieves certain performance targets.
Nordea will retain its life insurance operations and will cooperate with Tryg on its bank insurance and asset management activities.
Best noted that the review status has been in place since last November, when Nordea first revealed that it intended to reduce its interest in Tryg-Baltica.
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