Skandia divests child and adult accident insurance to Moderna
The mutual life insurance company Skandia and Moderna Försäkringar have entered into an agreement whereby Skandia divests its activities in individual child insurance, accident insurance for adults and seniors, and pregnancy insurance to Moderna. Gross written premiums for the portfolio was approximately SEK 250 million in 2014, and the portfolio comprises approximately 150,000 insurance policies. In connection with the transaction, Skandia and Moderna have entered into a distribution agreement for the same products. The transaction is subject to customary regulatory approvals and is expected to be completed in the first half of 2016.
Skandia is one of Sweden’s largest independent and customer-owned banking and insurance groups. Skandia has 2.5 million customers in Sweden, Norway and Denmark, assets under management of SEK 582 billion and 2,600 employees.
Skandia was advised by Mannheimer Swartling in the transaction. The firm’s team consisted of Fredrik Andretzky, Anette Ivri Nordin and Johan Sundqvist.