Strong competitive position in Denmark and Norway. Strong execution of strategy. Strong technical earnings, despite rising claim costs. Marginal, albeit growing, presence in Sweden and Finland. Strong capitalization, though rating upside constrained by capital management. 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 marginal, albeit growing, presence in Sweden and Finland and relatively tight capital management. Tryg has a strong competitive position as the second-largest non-life insurer in the Nordic region and the market leader in Denmark. Tryg ranks No. 3 in Norway, with a market share of
