Munich Re’s ERGO Group AG has completed the merger of its Danish travel insurance company, Europæiske Rejseforsikring A/S and its Norwegian health insurance business, ERGO Forsikring AS, formerly known as Storebrand Helseforsikring AS, expanding its presence further in the Nordic market, creating significant growth potential.
Following the merger, ERGO is combining its travel and health insurance activities within one company, under the name: ERGO Forsikring A/S. Through this, ERGO will leverage the respective businesses’ strengths across Denmark, Norway and Sweden.
ERGO aims to create a dedicated growth platform in the Nordic region, further expanding its local market presence and laying the foundation for accelerated, profitable growth across the region.
The merger builds on the former companies’ complementary strengths in terms of product offerings and market positioning. The new unit will focus on providing comprehensive healthcare and travel insurance solutions to both corporate and retail customers.
Through the combination of both entities, the merged company will have joint distribution networks and existing business relationships, facilitating market access and leveraging cross-selling opportunities in all three countries.
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Theo Kokkalas, Chair of the Board of Management of ERGO International AG and Chief Operating Officer of ERGO International, managing ERGO Group AG’s international business portfolio, commented, “Today’s announcement marks an important milestone in the delivery of our international business strategy as we aim to establish ourselves among the top five insurance companies wherever we operate.
“With the launch of ERGO Forsikring A/S, we will blend local market know-how and insurance expertise with our technical excellence and innovative strengths at Group-level, unlocking considerable growth opportunities and synergy potential across the Nordic region.”
Ronald Kraule, Chief Executive Officer of ERGO Forsikring A/S, stated, “With ERGO Forsikring A/S as a genuine pan-Nordic insurance player, we will strengthen our position in every local market, providing innovative, simple and tailored solutions to meet the evolving needs of our customers.
“As we bring together our respective expertise in the health and travel segments, underpinned by consequent digitalisation, we will act as a one-stop shop for holistic insurance coverage. With this new setup, we will enhance our service offerings and deliver significant added value for our customers and partners.”
ERGO Forsikring A/S is headquartered in Copenhagen, Denmark, and embodies over 100 years of Nordic insurance expertise and currently counts 176 employees across Denmark, Norway and Sweden.
In 2024, the companies, ERGO Forsikring AS and Europæiske Rejseforsikring A/S, generated around €118 million and approximately €44 million in gross written premiums (GWP), respectively.
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