The ratings on Denmark-based Tryg Forsikring A/S (Tryg) and Norway-based Vesta Forsikring A/S (Vesta), core entities of TrygVesta A/S (TrygVesta), are based on the group's strong competitive position in Denmark and Norway, strong earnings, and successful execution of corporate strategy. These strengths are offset by the group's capitalization, which, although considered good, is a constraint for the rating, as is TrygVesta's marginal presence in Finland and Sweden. TrygVesta has a strong competitive position as the second-largest non-life insurer in the Nordic region with strong market shares of 21% in Denmark and 19% in Norway, underpinned by the strength and diversity of its product and distribution strategies. The group's extended partnership with Nordea (main operating entities are rated AA-/Stable/A-1+) accounted for
