Under the proposed transaction, Codan Denmark will be jointly owned by the two parties on a 50/50 economic basis with Intact taking management responsibility.
The firm said working together with Intact, Christian Baltzer and the Codan Denmark-team will “drive the continued success” of the business, whilst assessing strategic alternatives for its long-term ownership.
Charles Brindamour, CEO, Intact Financial Corporation: “The entire Codan team in Denmark, led by Christian Baltzer, has undergone remarkable development over the past year, and has achieved strong results.
“Codan Denmark is an iconic brand in a great market. We are confident that Codan Denmark can continue to realize its significant potential, and Christian Baltzer is the right person to lead that journey forward.”
Baltzer added: “Codan Denmark is a company with exceptionally skilled employees and a diversified, customer-focused business. I and the rest of the Codan team in Denmark are really looking forward to the future. Both Intact and Codan believe that a strong data-driven mindset – combined with a strong customer-centric focus – is the way forward to realizing Codan Denmark’s great potential.”