EXPANSION PLANS FROM TRYG-VESTA

Nordic insurer Tryg-Vesta has extended until July 2010 its agreement with locally based financial services group Nordea under which Nordea sells Tryg-Vesta’s non-life products through its branch network, while Tryg-Vesta sells Nordea’s life and pension products through its own distribution network. As part of the extension of the partnership, Tryg-Vesta will begin selling insurance in Sweden in 2006. Stine Bosse, group CEO of Tryg-Vesta, said that “setting up in Sweden next year bolsters our coverage in the Nordic region, and we aim to develop as strong a position in Sweden as we already have in Finland. Meanwhile, Tryg-Vesta marine director Carsten Mortensen told Lloyd’s List that “it is no secret we want to acquire the Codan’s group Trygg Hansa in Sweden”. Tryg-Vesta is currently considering an IPO to raise capital to fund expansion.