The history of Tryg
1728 | A historical fire
Copenhagen experiences the largest fire in the history of the city. The flames continues for more than 60 hours, burning down 1600 buildings in the process. The fire heightened public awareness of the need to insure oneself.
1731 | Denmark’s first insurance company
Because of the massive destructions, Denmarks first Fire-Insurance is established by Royal Decree. ’Kjøbenhavns Brand’ is the oldest part of Tryg’s history.
1898 | The Tryg name
The name Tryg appears for the first time, as part of the Danish life insurance company called ‘Livsforsikringsselskabet Tryg A/S’. Over the next years a group of smaller companies merges and form ‘Andels-Anstalten Tryg’ in 1911.
1974 | Tryg Insurance emerges
Over the years 1774-1775 a group of smaller insurance companies - including Kjøbenhavns Brandforsikring and Andels-Anstalten Tryg – merge again. As a result, the mutual company Tryg Insurance emerges.
1991 | A new ownership
The mutual Tryg Insurance demutualises and becomes a public limited company. New ownership is placed in ’Tryg i Danmark smba’ – later known as ’Trygshedgruppen’.
1995 | The acquisition of Baltica
Tryg acquires Baltica and continues operations under the name Tryg-Baltica.
1998 | The Tryg Foundation and Tryg Garanti
Tryg i Danmark smba establishes the Danish foundation TrygFonden – a non-commercial organisation operating charitable projects across Denmark outside commercial interests. Same year, Tryg Kaution (now Tryg Garanti) becomes a part of Tryg.
1999 | Unibank and Vesta
Tryg-Baltica merges with the second largest bank group in Denmark, Unidanmark (now Nordea Group). Tryg acquires the Norwegian insurance company Vesta the same year.
2001 | The Nordea merger
Tryg-Baltica, Vesta and Unibank contributes to the formation of Nordea. By this Tryg i Danmark smba holds a 6 % share in the Nordic banking group.
- Tryg-Baltica establishes a branch office in Finland.
2002 | TrygVesta and expansion in the North
Tryg i Danmark smba acquires Nordea's non-life insurance activities and forms TrygVesta. The Group continues using the brand name Tryg in the Danish market and Vesta in the Norwegian market.
- The Group simultaneously acquires Zurich's Danish and Norwegian non-life insurance activities.
2003 | Stine Bosse appointed as CEO
Stine Bosse is appointed CEO of TrygVesta and launches an ambitious turnaround project under the headline Combined Ratio 95. The aim is to prepare Tryg for a listing within a few years.
2005 | Listed on the Nordic Stock Exchange
TrygVesta is listed on the OMX Nordic Stock Exchange Copenhagen on the 14th October 2005. The opening share price is DKK 230.
In December TrygVesta is a part of the OMXC20 index, comprising the 20 most traded shares on the OMX Nordic Stock Exchange Copenhagen.
2006 | New branch in Sweden
TrygVesta launches its first Swedish branch, Vesta Skadeförsäkring, in June.
2008 | TryghedsGruppen and a new partnership
Tryg i Danmark smba changes its name to ’TryghedsGruppen'. TrygVesta and AXA Corporate Solutions enters a partnership agreement. TrygVesta is now able to use the international network of AXA Corporate Solutions to meet Nordic customers' international insurance requirements.
2009 | The acquisition of Moderna
The acquisition of the Swedish insurance company, Moderna Försäkringar, is completed on the 2nd April, making Moderna a part of TrygVesta. Moderna contributes with around 250 employees and a 4% share of the Swedish market to the Group.
2010 | A simpler name
In August, TrygVesta simplifies its name to Tryg. The change is the natural result of a stronger joint Nordic culture in the group and a close cooperation across borders.
Due to the name similarity with RSA's Swedish operations Trygg-Hansa, Tryg keeps the name Moderna in Sweden.
- Tryg sells the renewal rights for the portfolio of Marine Hull insurances to Codan, the Danish subsidiary of RSA Insurance Group.
2011 | New CEO Morten Hübbe
After a period of 24 years with Tryg, Group CEO Stine Bosse resigns her post. The Supervisory Board appoints Morten Hübbe as her successor. Morten Hübbe has been with Tryg since 2002 and been CFO since 2003.
- Focus on profitability
1st of June Tryg implements an organisational change that aims to guarantee a greater focus on profitability in the individual business areas. The new organisation has a simpler structure, with a clear allocation of roles and responsibilities and short decision-making processes.
2012 | Profitability increases
The Tryg share is doing well. In February Group CEO Morten Hübbe is invited to close trading at the NASDAQ stock exchange in New York.
In Denmark, Tryg is the strongest insurance brand, according to the 2012 brand index for the financial sector prepared for Finanswatch.
- The sale of Finland
After strategic revision, Tryg sells the Finnish business to If for EUR 15 million.
- New dividend policyA new dividend policy is presented. In the future, the annual dividend will consist of a 60-90% cash payment of the profit after tax.
2013 | A stormy year
The severe storms Allan and Bodil crosses Denmark and Sweden. The first storm alone leaves behind 28,000 claims for Tryg to process. After Bodil thousands of home owners are helped fighting the rising water, which is later categorized as a flood December 10th.
2014 | Ambitious new targets
At Capital Markets Day in London, Morten Hübbe presents new financial targets and customer targets for 2017.
2015 | Splitting the share
On May 12th, Tryg splits its share in 1:5. Each share with a nominal value of DKK 25 is replaced by five shares with a nominal value of DKK 5. Same year, Tryg’s internal capital model in relation to Solvency II is approved by the Danish FSA.
- Membership bonus approved
The member bonus scheme of TryghedsGruppen, Tryg’s majority stakeholder, is approved by the Danish Business Authority. The scheme allows TryghedsGruppen to pay out part of its profit to members (policyholders of Tryg Forsikring A/S in Denmark).
- New management structure
Tryg announces an organisational change of its daily management structure as of January 1st 2016. The Nordic business areas are transferred to national business areas with new directors. The new structure replaces the Group Executive Management, and top management now comprise an Executive Board represented by CEO, CFO and COO.
2016 | A historical bonus
For the first time, TryghedsGruppen pays out a bonus of DKK 696 million to its members (Tryg’s Danish customers). The bonus corresponds to 8 % of the premium paid for 2015.
- Opening of The Camp
On October 5th., The Camp, a community-based workplace for start-ups moves in to the headquarters of Tryg in Ballerup.
- A1 rating
Later that year Moody’s upgrade its rating of Tryg from ‘A2’ to ‘A1’ with a stable outlook.
2017 | Alka and a clear purpose
A new purpose for Tryg is launched at Capital Markets day in November. Morten Hübbe presents new financial targets and customer targets for 2020, thus beginning a new strategy period.
- Jukka Pertola
In March, deputy chairman Jukka Pertola is appointed as the new chairman for Tryg’s supervisory board. Jukka is the former CEO of Siemens Denmark.
- Quarterly dividend and bonus
In April, Tryg pays out a quarterly dividend of DKK 1.6 per share for the first time. And for the second year running, TryghedsGruppen pays out a member bonus of DKK 700 million in total.
In December, Tryg acquires Alka for DKK 8.2 billion, the eight-largest non-life insurance company in Denmark with a market share of app. 6% of the private market. The transaction is expected to be closed in H2 2018 following a period of regulatory approval.