The Competition Authority of the EU Commission has today announced its approval for the restructuring, as a result of which the Sampo property & casualty insurance companies will become subsidiaries of If, the largest Nordic P&C insurer, and Sampo plc the largest owner in If. The arrangement will enter into force in accordance with plan on 2 January 2002.
The ownership in If after January 2, 2002 will be: Sampo 38.05 per cent, Storebrand 22.47 per cent, Skandia 19.36 per cent, Varma-Sampo 10.06 per cent and Skandia Liv 10.06 per cent.
The new If will be the undisputed leading P&C insurance company in the Nordic region. The enlarged If will have a Nordic market share of 24 per cent and 3.7 million customers. The enlarged If will have pro forma gross written premiums of about EUR 3,7 billion and a net asset value of EUR 1,8 billion. The company will have 8000 employees.
Chairman of the Board of If P&C Holding will be Kari Stadigh, Deputy CEO of Sampo. The other members of the Board will be: John Giverholt, CFO of Ferd, Markku Hyvärinen, Deputy CEO of Varma Sampo, Peter Johansson, CFO of Sampo, Idar Kreutzer, CEO of Storebrand, Patrick Lapveteläinen, CAO of Sampo, Magnus Ohlsson, CEO of Skandia Liv and Ulf Spång, Deputy CEO of Skandia.
Head of Group Communications
FOR FURTHER INFORMATION PLEASE, CONTACT TO:
Jarmo O. Salonen, Head of IR, tel. +358 10 514 0030
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