If strengthens its position on the Nordic Motor Insurance market through acquisition of Volvia#s insurance portfolio
If strengthens its position on the Nordic Motor Insurance market through acquisition of Volvia's insurance portfolio If P&C Insurance and Volvia have today agreed for If to acquire the insurance portfolio of Volvia, a Motor Insurance company, for MSEK 562. If and Volvo Cars Sweden have today agreed in principle to enter into an exclusive co-operation agreement whereby If shall offer private and business brand Motor Insurance Products to Volvo and Renault Customers in Sweden, Norway and Finland. Volvia is presently owned by AB Volvo, has a Swedish market share in Motor insurance of 11 per cent, and employs approximately 190 persons mainly in Gothenburg, Oslo and Helsinki. Volvia is a strong Motor Insurance brand in Sweden with well known competence. In year 2000 Volvia had Gross Written Premiums of approximately SEK 1,3 billion. The transfer of risk into If's portfolio is from January 1, 2001 following the necessary regulatory approvals. As part of the transfer, technical provisions and investment assets of approximately SEK 2,3 billion will be contributed. "If and Volvia have already co-operated for a long time. We see a large potential for cross selling to the Volvia customers of other insurance products. Volvia is a perfect match in If's portfolio. In addition to the envisaged synergies, there is also a potential for transfer of best practices." says Bo Ingemarson, President and CEO of If. "Volvia is present in Sweden, Norway and Finland which is in line with our strategic goal to maintain and develop If as the leading Property and Casualty Insurance company in the Nordic region." continues Bo Ingemarson. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/02/08/20010208BIT00810/bit0002.pdf http://www.bit.se/bitonline/2001/02/08/20010208BIT00810/bit0001.doc