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. Last Updated: 07/27/2016

Nordic Insurance Giant Is Created

HELSINKI, Finland -- Finland's second-biggest insurer, Pohjola, joined Swedish Skandia and Norwegian Storebrand on Wednesday to create the biggest non-life insurance group in the Nordic region.

Pohjola said the three groups would merge their property and casualty businesses in a new company with proforma premiums worth 23.3 billion Swedish crowns ($2.7 billion) last year and assets worth 51 billion kronor.

"(The new company) will be able to offer the most comprehensive range of insurance products and will have an exceptionally strong position in the Nordic market," Pohjola chief Iiro Viinanen said in a statement.

Pohjola will hold 25 percent of the capital in the yet-to-be named insurer, Skandia 42 percent and Storebrand 33 percent, but the three partners will have equal voting rights.

"The new company will have an estimated proforma market share in the Nordic P&C (property and casualty) insurance business of approximately 20 percent, with a customer base of approximately 4.5 million," Pohjola said.