Sampo: Announcing the Acquisition of Remaining Topdanmark Shares; Lowering Our Fair Value

On June 17, 2024, Sampo announced it had entered into a combination agreement with Topdanmark. Topdanmark is Denmark's second-largest property and casualty insurer, with around a 15% market share. Combined with Sampo’s If property and casualty business in Denmark, the combined entity will have a market share of a little over 20%, and it is likely to be on par with Tryg, the largest local rival. For a long time, Sampo has been a shareholder in Topdanmark, but its lack of scale in this market has meant it has lagged in terms of underwriting. The acquisition of Topdanmark's outstanding share capital is being undertaken to try to close that gap and step up to the information technology, digitalization, and artificial intelligence investment demands required to compete in this market.