HDI Global Specialty SE acquires specialist Swedish MGA

Svedea is one of the three largest insurers of yachts, motorcycles and snowmobiles in the Swedish market, with 250,000 clients generating annual premiums of around €100m. HDI Global Specialty SE has purchased the majority (76.50%) of the shares in Svedea AB with an option to buy the remaining shares at the end of 2021.

The move is seen as a strategic acquisition and will ensure the delivery of a positive profit contribution and has favourable implications for earnings as the company expands. The parties have not disclosed the purchase price.

Speaking about the deal, CEO of HDI Global Specialty SE Ralph Beutter said: “Svedea is a strong brand in its own right in Sweden and an excellent distribution platform for HDI Global Specialty SE. Having a fully integrated MGA enables us to build on their market position, excellent client base and broad product offering.”

Pär Pettersson, founder and CEO of Svedea added: “To establish a new niche insurance business in Sweden, as a part of the Hannover Re group, has been a privilege. I am confident that we, together with HDI Global Specialty SE, will continue to innovate and be a strong challenger in the Swedish specialty market.”

HDI Global Specialty rolled-out operational activities on 1 January 2019.

HDI Global Specialty SE is a joint venture of Hannover Re and HDI Global SE, both being strong and established players in the insurance and reinsurance market. Combining the specialty activities of the Talanx Group into HDI Global Specialty SE, is an excellent platform for putting together cross-business segment expertise and network reach writing agency and specialty insurance business in lines including such as errors & omissions liability insurance, directors’ and officers’ liability insurance (D&O), legal expenses insurance, sports and entertainment, aviation, offshore energy and animal insurance.

Specialist local teams are highly qualified to give quick responses and informed support to the client’s local operations, specifically their special, unusual or difficult insurance needs.

Svedea was founded in 2010 as an alternative special lines Managing General Agent in the Swedish market supported by HDI Global Specialty SE (Formerly International Insurance Company of Hannover SE), a company within the Talanx Group, as its risk carrier.

We operate in the Swedish insurance market and our head office is situated in Stockholm.Svedea operate in the Swedish insurance market through its head office in Stockholm. Svedea is approved by the Swedish Financial Authority (Finansinspektionen) to act as a tied agent. Svedea is approved by the Swedish Financial Authority (Finansinspektionen) to act as a tied agent. The legal carrier for Svedeas products is HDI Global Specialty SE, a sister company within the Talanx Group.

Svedea offers non-life insurance products for private individuals and companies. offers non-life insurance products for private individuals and companies. For private customers we write insurance for yachts and pleasure craft, motorcycles, snowmobiles, ATVs, private cars and pets. Products for private customers include insurance for yachts and pleasure craft, motorcycles, snowmobiles, ATVs, private cars and pets. Within the commercial lines segment we write insurance for groups and associations (group schemes and conceptual solutions) and small companies (single risk). For the commercial lines Svedea write insurance for groups and associations (group schemes and conceptual solutions) and small companies (single risk).

For additional information please go to: https://www.svedea.se

As an industrial lines insurer, HDI Global SE (HDI) meets the needs of SMEs, industrial companies and corporate customers with insurance solutions that are specifically tailored to their requirements. In addition to HDI's prominent position in the German and broader European market, the company also has operations in more than 150 countries through foreign branch offices, subsidiary and peer companies, and network partners. The company is thus able to offer its customers local policies for their global operations, which ensure that the established service and insurance protection is extended for all covered risks worldwide.

HDI Global SE is a company in the Talanx Group and manages the Industrial Lines Division within the Group. More than three thousand employees in this division generated gross written premiums of approx. EUR 4.5 billion in the year 2017. The rating agency Standard & Poor’s has given the Talanx Primary Group a financial strength rating of A+/stable (strong). Talanx AG is listed on the Frankfurt Stock Exchange in the SDAX　as well as on the stock exchanges in Hannover and Warsaw (ISIN: DE000TLX1005, German Securities Code: TLX100, Polish Securities Code: TNX).

Hannover Re, with gross premium of EUR 17.8billion, is the fourth-largest reinsurer in the world. It transacts all lines of property & casualty and life & health reinsurance and is present on all continents with around 3,300 staff. Established in 1966, the Hannover Re Group today has a network of more than 140 subsidiaries, branches and representative offices worldwide. The Group's German business is written by the subsidiary E+S Rück. The rating agencies most relevant to the insurance industry have awarded both Hannover Re and E+S Rück outstanding financial strength ratings: Standard & Poor's AA-"Very Strong" and A.M. Best A+ "Superior".

This news release may include forward-looking statements which are based on certain assumptions, expectations and opinions of the management of Talanx AG and/or HDI Global Specialty SE. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond Talanx AG’s and/or HDI Global Specialty SE’s control, affect our business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialize, actual results, performance or achievements of Talanx AG and/or HDI Global Specialty SE may vary materially from those expressed or implied in the relevant forward-looking statement. Talanx AG and HDI Global Specialty SE do not guarantee that the assumptions under-lying such forward-looking statements are free from errors nor do Talanx AG and/or HDI Global Specialty SE accept any responsibility for the actual occurrence of the forecasted developments. Talanx AG and HDI Global Specialty SE neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.