Codan on war footing

Danish insurer Codan, owned by Royal & SunAlliance of the UK, is building up its war chest in preparation for what it regards as the inevitable consolidation of the Nordic insurance market. The company has announced plans for a new share issue of some DKr4bn (US$499mn). Chief executive Jens Erik Christensen said it had no specific deal in mind. But there have been rumours of talks with Skandia about purchasing If. Mr Christensen has denied negotiations were taking place but conceded that If would be a good buy.