Strong competitive position in Denmark and Norway. Strong execution of strategy. Strong technical earnings, despite rising claim costs. Marginal, albeit fast-growing, presence in Finland and Sweden. The ratings on Denmark-based Tryg Forsikring A/S (Tryg Forsikring), part of Tryg A/S (Tryg; not rated)), are based on its strong competitive position in Denmark and Norway, strong execution of strategy, and strong technical earnings. Offsetting factors are the group's rising claims costs and marginal, albeit fast-growing, presence in Finland and Sweden, where it has a high reliance on pan-Nordic bank Nordea (main operating entities rated AA-/Stable/A-1+). Tryg has a strong competitive position as the second-largest non-life insurer in the Nordic region and the market leader in Denmark. In Norway, Tryg ranks No. 3
