HDI Global Specialty acquires Swedish MGA Svedea in expansion strategy
HDI Global Specialty SE, a joint venture of Hannover Re and HDI Global SE, has acquired alternative specialty lines managing general agent (MGA) Svedea to strengthen its position in Sweden.
Svedea is one of the three largest insurers of yachts, motorcycles and snowmobiles in the Swedish market, generating annual premiums of around €100 million.
HDI Global Specialty SE has purchased the majority 76.50 percent 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 for HDI Global Specialty, which rolled-out operational activities on 1 January 2019. The company expects this transaction to deliver a positive profit contribution and favourable implications for earnings as it expands.
Ralph Beutter, CEO of HDI Global Specialty SE, 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.”
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