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Codan A/S is a private holding company for subsidiaries engaged in the provision of insurance services. The company has its registered head office in Copenhagen, Denmark.
As a holding company, Codan takes controlling and supervisory measures and provides technical and scientific management holding services to its operating companies and enterprises as well as the local units. Its principal services include business support services, management consulting and open-end management investments, and other investment advisorsfinancial services.
The company’s operating subsidiaries include Trygg-Hansa, Lietuvos Draudimas, BALTA and Nordenfjeldske Personforsikring, which that are active in the Baltic States, Norway, Sweden and Denmark. These subsidiaries provide insurance against personal injury, life insurance and pension insurance, among others.
Codan has an alliance with BRFkredit, Brondby IF, Dansk Aktionaer Forening, Dansk Sejlunion, Djof, Group 4 Falck, and Safe-Ejendomsmaeglerne, among others. Codan is one of the founding members of the British Chamber of Commerce in Denmark (BCCD), a bilateral chamber for British and Danish business people living in Denmark.
Royal & Sun Alliance acquired 72% of Codan in 1984. The company is one of Denmark’s leading insurers. Major restructuring began in 1997 to amalgamate the group’s diversifying operations. In May 1999 Codan entered into agreement on the acquisition of 70% of the shares in Lietuvos Draudimas AB, Lithuania’s largest insurer, from the Lithuanian state. Later in the year 105 million Danish Krones was injected into the company as share capital increasing Codan’s shareholding to 79.5%. In June 1999 Codan acquired Trygg-Hansa Forsakrings AB (Trygg-Hansa), Sweden’s fourth largest non-life insurance company with a market share of 14%. Part of the acquisition agreement of Trygg-Hansa was the sale of Codan Bank to Skandinaviska Enskilda Banken (SEB), Trygg-Hansa’s former parent company.
To finance the acquisitions Codan’s capital was increased with a pre-emption right to existing shareholder’s through which 1.3bn Krone was raised.
The expansion of the group’s operations outside of Denmark prompted another restructuring and the establishment of a holding company. As of 1 January 1999 the group’s holding company will be Codan Limited A/S. On 13 June 2005, an agreement was reached for the sale of Codan’s Latvian life ins. company (AAS Balta Dziviba) to SEB Latvijas Unibanka AS.
Description and history
Codan AS Formerly known as Codan Insurance AS.Life and Non-Life insurance:motor,buildings,personal accident,fire,commercial and products liability,agricultural lines, workmen’s compensation,marine hull,transport and aviation;Reinsurance and pensions,banking and financial services through these divisions Danish Insurance;Swedish Insurance;Lithuanian Insurance and Norwegian Insurance.Codan is Scandinavia’s third largest group within general insurance.The group comprises Danish Codan and Swedish Trygg-Hansa, which both rank third in their respective countries. Trygg-Hansa also operates an office in Norway.In addition, the group covers leading insurance companies in Lithuania and Latvia through the partly owned companies Lietuvos Draudimas and Balta.
Takeover by RSA Overseas Holding B.V.
Codan A/S will be delisted with effect from 31 July 2007. Thus, the last day of listing will be 30 July 2007. The delisting is due to the fact that RSA Overseas Holding B.V. together with the Board of Codan A/S have decided to make a compulsory redemption of the minority shareholders in the company in pursuance of section 20b of the Danish Companies Act.
Holding company for subsidiaries engaged in the provision of insurance services
US SIC Code
Gammel Kongevej 60
City province or state postal code
Phone: +45 33 21 21 21
Fax: +45 33 55 21 22
Country address: DENMARK
Website url: www.codan.dk