The ratings on Denmark-based TrygVesta Forsikring A/S (Tryg, part of TrygVesta A/S (TrygVesta, or group; not rated)), are based on its strong competitive position in Denmark and Norway, strong earnings across all three of its main operating divisions, and strong execution of strategy. Capitalization is strong, but is constraining the upside potential for the rating. The group's marginal, albeit fast-growing, presence in Finland and Sweden has a high reliance on pan-Nordic bank Nordea (main operating entities rated AA-/Stable/A-1+), which is also an offsetting factor. TrygVesta has a strong competitive position as the second-largest non-life insurer in the Nordic region and the market leader in Denmark. Market share has stabilized in Norway following several years of decline and now ranks No.
