Driving complex transformation in historic insurance demerger
In 2022, a historic transaction was completed in the insurance industry as Tryg and the Canadian insurance company Intact took over the RSA Insurance Group – a transaction that entailed a complex transformation for all parties involved.
While Intact acquired RSA's business in the UK, Tryg acquired its business in Norway (Codan) and Sweden (Trygg-Hansa). The acquisition led to a necessary carve-out of Codan Forsikring in Denmark, which was then acquired by Alm. Brand following the transition.
Given the scope of the demerger, numerous stakeholders and interests were involved. One task was to ensure that business continued to run smoothly in the respective companies, providing an unaffected customer experience. Another was to guide hundreds of employees through the uncertainties of belonging to one large organisation which had been sold to different owners.
To support them through the process, Codan and Trygg-Hansa chose Deloitte as their transformation partner. Together, the team established a transformation programme and governance set-up to ensure a smooth handover of activities between the parties.
Nordic collaboration ensured cross-border success
A cross-border project requires cross-border solutions. Consequently, in addition to the Danish team leading the programme, Deloitte drew on competencies from Norway and Sweden, and they all worked together on various aspects of the demerger, leveraging expertise across the Nordic firm and providing a one-stop service.
Throughout the entire process, detailed planning, proactivity, communication, and strong governance were key to ensuring a smooth integration that allowed each party to uphold its value in terms of customers, employees, processes, and systems.
Deloitte is proud to have steered the complex demerger in close collaboration with all parties involved.