Nordea General Insurance enters Estonia

Nordea General Insurance enters Estonia Nordea is scheduled to enter Estonia's general insurance (non-life) market in January 2002. Nordea General Insurance (Tryg-Baltica) and Nordika Kindlustus have signed an agreement for Nordea to take over the general insurance operations currently run by Nordika Kindlustus. Tryg-Baltica will acquire the general insurance portfolio, the employees and the business- related assets from Nordika Kindlustus and will manage operations with effect from January 2002. The agreement is subject to several prior conditions, including satisfactory due diligence, consent from certain third parties and approvals from Estonian public authorities. The life insurance company, Nordika Elukindlustus is not part of the agreement, and will continue to operate as an independent company. Nordika Kindlustus is number five in the Estonian general insurance business with a 5-percent share of the market . Nordika provides a full range of general insurance products with particularly strong focus on motor vehicle third party liability. The company was launched in 1990 and has 92 employees. Its headquarters are in Tallinn and the company operates in all major cities in the country. Estonia is a part of Nordea's emerging home market and the group's general insurance business will focus on commercial and private insurance and cooperation with Nordea entities in Estonia (Merita Bank Estonian Branch and Nordea Finance Estonia). Nordea Bank has conducted business in Estonia since 1995. Tryg-Baltica intends to run its insurance operations through a new Estonian subsidiary, in which it will be the majority shareholder. The European Bank for Reconstruction and Development (EBRD) and a private investor, Mr Pjotr Sedin, who has previously served as chairman of the supervisory board of Nordika Kindlustus, will each be offered a 20 percent stake in the company. Nordea General Insurance comprises Tryg-Baltica, the largest general insurance company in Denmark, Vesta, the third largest general insurance company in Norway, plus other operations in Finland and Poland. Further information: Henrik B. Winther Senior Vice President, Tryg-Baltica , +45 4420 3090 Troels Brøndsted, Head of Communication, Tryg-Baltica, +45 4420 3070 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/10/02/20011002BIT00480/bit0001.doc http://www.waymaker.net/bitonline/2001/10/02/20011002BIT00480/bit0001.pdf