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 technical earnings across all three of its main operating divisions, and strong execution of strategy. Capitalization is strong. 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 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. In Norway TrygVesta ranks No. 3 with a market share of 18%. In 2009, TrygVesta strengthened its presence and distribution in the Swedish market
