About Tryg | History
  • 1728

    Copenhagen experienced what was later to be known as the Copenhagen Fire of 1728. The fire heightened public awareness of the need to insure oneself.
  • 1731

    The oldest component of TrygVesta's history was the Danish insurance company Kjøbenhavns Brand. Kjøbenhavns Brand was established by Royal Decree as a result of the Copenhagen Fire of 1728.
  • 1880

    The Norwegian insurance company Vesta got established the 22nd of March 1880.
    The name Vesta was derived from Roman Mythology. Vesta is the goddess of hearth, home, and family.
  • 1895

    Dansk Kautionsforsikrings-Aktieselskab (now Tryg Garanti) was establised on the 18th January 1895. The main purpose of Dansk Kaution was to provide guarantees for authorities and business people against direct losses.
  • 1911

    The name Tryg emerged.
  • 1990

    The mutual company Tryg demutualised and the ownership of the new limited company was placed in Tryg i Danmark.

  • 1991

    Vesta in Norway establised a subsidiary by the name of Dial, which name changed to Enter in 2000.

    Today Enter is a subsidiary of TrygVesta and sells insurance through selected business partner including car dealers.
  • 1994

    Tryg acquired the Danish insurance operations of Winterthur.
  • 1995

    Tryg acquired Baltica and continued operations under the name Tryg-Baltica. The name was simplified and changed to Tryg in 2001. 
  • 1996

    Tryg-Baltica was listed on Copenhagen Stock Exchange. Tryg i Danmark retained a 60 % ownership share.
  • 1998

    Dansk Kaution (now Tryg Garanti) became a part of Tryg. Tryg entered the Polish insurance market, acquiring a strategic stake in the company Energo-Asekuracja, which was established in 1994. Tryg gained controlling influence of Energo-Asekuracja in 2000 and in 2002 the name of the company was changed to Tryg Polska.
  • 1999

    Tryg merged with Denmark's second-largest banking group, Unidanmark and the general insurance activities of Unibank was integrated with Tryg.

    At the end of 1999, the Norwegian insurance company Vesta was acquired from Skandia.

    Tryg acquires the English company Colonia Baltica, which was integrated into Tryg's reinsurance company Tryg-Baltica International to form TBi.
  • 2000

    Tryg, Vesta and Unibank contributed to the formation of Nordea. Tryg i Danmark by this hold a 6% share in the Nordic banking group.
  • 2001

    Tryg etablished a branch office in Finland.
  • 2002

    Tryg acquired the Estonian insurance company Nordicum Kindlustus, which was established in 1990.

    Later that year, Tryg i Danmark smba acquired Nordea's non-life insurance activities and forms TrygVesta. The Group continued using the brand name Tryg in the Danish market and Vesta in the Norwegian market.

    The Group simultaneously acquired Zurich's Danish and Norwegian non-life insurance activities.
  • 2003

    Stine Bosse was appointed CEO of TrygVesta and launched an ambitious turnaround project under the headline Combined Ratio 95. The aim was to prepare Tryg for a listing within a few years.

  • 2005

    TrygVesta was listed on the OMX Nordic Stock Exchange Copenhagen on the 14th October 2005 with an opening share price of DKK 230.

    In December 2005, TrygVesta became a part of the OMXC20 index comprising the 20 most traded shares on the OMX Nordic Stock Exchange Copenhagen.
  • 2006

    TrygVesta launched a Swedish branch, Vesta Skadeförsäkring, in June 2006.

    In line with TrygVesta's strategic focus on the Nordic region, TrygVesta divested Chevanstell Limited, the UK business in run-off.

    Dansk Kaution (now Tryg Garanti) extended its business area to the entire Nordic region. TrygVesta Garanti became the brand name in Norway, while Vesta Garanti became the brand name in Sweden.
  • 2007

    TrygVesta's Finnish operations started selling commercial insurances to small businesses.

    Tryg Forsikring changed its name to TrygVesta Forsikring. Vesta Forsikirng in Norway became a branch of Tryg Forsikring. The Norwegian branch also changed its name to TrygVesta, the new brand name in Norway.

    Dansk Kaution changed its name to TrygVesta Garantiforsikring A/S. The new name makes the affilication with TrygVesta clear and is connected with the TrygVesta Garanti's new Nordic strategy.
  • 2008

    TrygVesta and AXA Corporate Solutions entered an agreement whereby TrygVesta would use the international network of AXA Corporate Solutions to meet Nordic customers' international insurance requirements.

    TrygVesta set up a Swedish corporate business, initially with an office in Stockholm.

    TrygVesta and Nordea extended the successful partnership, which operated from 1999 to 2013.
  • 2009

    The acquisition of the Swedish insurance company, Moderna Försäkringar, was completed on the 2nd April 2009 making Moderna a part of TrygVesta. Moderna contributed around 250 employees and a 4% share of the Swedish market to the Group.

    TrygVesta launched an ambitious refurbishment project called The Living House. The project was to transform the head offices at Bergen and Ballerup into workplaces of the future and was completed in 2011. 
  • 2010

    TrygVesta selled the renewal rights for the portfolio of Marine Hull insurances to Codan, the Danish subsidiary of RSA Insurance Group. Together with the renewal rights TrygVesta’s marine hull organisation in Ballerup, Bergen and Stockholm, a total of 24 employees, was transferred to Codan.

    In August, TrygVesta simplified its name to Tryg. The change was a 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’s products and services in Sweden were marketed under the name Moderna.

  • 2011

    Group CEO Stine Bosse resigned after 24 years with Tryg and eight years as CEO. The Supervisory Board appointed Morten Hübbe as her successor.

    Morten Hübbe has been with Tryg since 2002 and been CFO since 2000.

    On the 1st June, Tryg implemented an organisational change that aimed to guarantee a greater focus on profitability in the individual business areas. The new organisation had a simpler structure, with a clear allocation of roles and responsibilities and short decision-making processes.

    On the 2nd July, a violent cloudburst hitted Denmark. This cloudburst leaded to claims of DKK 1.2bn, as a result of reinsurance, Tryg's expenditure totals DKK 196m.

    On the 1st September, Tor Magne Lønnum took up the position of CFO. Tor Magne Lønnum came from a position of CFO and Deputy CEO of Gjensidige Forsikring ASA.

  • 2012

    The Tryg share did well on the Danish stock exchange in 2011, and in February 2012, Group CEO Morten Hübbe was invited to close trading at the NASDAQ stock exchange in New York.

    Tryg was the strongest insurance brand in Denmark according to the 2012 brand index for the financial sector prepared for Finanswatch. Tryg was also the second strongest financial brand.

    In 2012, the Group's Finnish business was subjected to a strategic audit, as the business had not attained the expected size and business volume required to operate profitably after ten years on the market. In november, Tryg sold the Finnish business to If for EUR 15m.

    Tryg changed its dividend policy with the distribution of the profit for the year 2012.

    In the future, the annual dividend will consist of a 60-90% cash payment of the profit after tax.

  • 2013

    Michael Olufsen was succeed by Jørgen Huno Rasmussen as new Chairman of the Supervisory Board. 

    Jørgen Huno Rasmussen has been a member of the Supervisory Board since 2012 and is former Group CEO of FLSmidth & CO.

    On 28 October, a servere storm, named Allan, crossed Denmark. Tryg received approximately 28,000 claims, a large part of which were processed in 2013.
    On 5 December, the second severe storm og the year, named Bodil, hit Denmark and Sweden. Tryg decided to help and provided peace of mind for customers immediately and before the events were officially recognised as floods on 10 December.

    Tryg terminated the IT operating contract with CSC from 1 August 2014 and entered a new agreement with TCS (Tata Consultancy Services Limited) on 29 January 2014. 

  • 2014

    The Insurance Complaints Board published its annual statement of complaints, showing that Tryg once again had the fewest complains relative to market share within motor, house and contents insurance. 

    On 30 August, central Copenhagen was hit by a heavy cloudburst. Approx. 2,300 claims were reported, primarily by business owners. As a result of claims prevention measures, the extent of damage was much less than after the clouburst in 2011.

    Tryg held its Capital Markets Day in London, where the Executive Management presented, among other things, new financial targets and customer targets up to 2017. The aim is a return on equity for 2017 of 21% or more, a combined ratio of 87 or less and an expense ratio of 14 or less. The customer targets aim for an increase in the retention rate of 1 percentage point, an increase of customers with three or more products of 5 percentage points and a doubling of the Net Promoter Score (NPS).

    Tryg migrated to a new IT platform, and the change to its new IT operations provider TCS was implemented succesfully. I January, Tryg concluded a five-year agreement, which will provide better operational reliability and reduce costs.

  • 2015

    On 12 May, Tryg split its share in 1:5, meaning each share with a nominal value of DKK 25 was replaced by five shares with a nominal value of DKK 5. The Tryg share was split as the price was up to more than DKK 600 in 2014, making it the second-most expensive share in the C20 index.

    Tryg’s majority shareholder TryghedsGruppen’s member bonus scheme was approved by the Danish Business Authority. The scheme allows TryghedsGruppen to pay out some of its profit to members (policyholders of Tryg Forsikring A/S in Denmark).

    On 29 November, Denmark was hit by a storm, named Gorm. Tryg received approximately 9,000 claims, of which 24% were reported within the first 24 hours, and 20% were reported online.

    Tryg’s internal capital model in relation to Solvency II was approved by the Danish FSA.

    Tryg announced an organisational change of its daily management structure as of 1 January 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 comprise an Executive Board comprising CEO, CFO and COO.

  • 2016

    On 6 April, Tryg initiated an extraordinary share buy back of DKK 1bn, which was completed on 16 December 2016.

    Christian Baltzer was appointed Group CFO, taking up his new position on 15 April 2016.

    In March 2016, TryghedsGruppen’s Board of Representatives decided to pay out a bonus to its members (Tryg’s Danish customers), corresponding to 8% of the premium paid for 2015. On 1 June 2016, a bonus of DKK 696m was paid to members. 

    5 October 2016 was the official opening of The Camp, a co-work space for start-ups at Tryg’s head office in Ballerup.

    In December, Moody’s upgraded Tryg from ‘A2’ to ‘A1’ with a stable outlook.