Possible joint venture with the new Nordic P&C insurance company, "if...AB" (October 1999)

Circular No. 14/99 October 1999

TO THE MEMBERS

Dear Sirs,

POSSIBLE JOINT VENTURE WITH THE NEW NORDIC P&C INSURANCE COMPANY, "IF...AB"

At its meeting on 24 October 1999 in Tokyo your Committee authorised the Executive Committee of the Association in close co-operation with the Administration to start negotiations with "if AB" with a view to examine together the possibilities of forming a jointly owned management company through which to manage the operation of "if ABs" marine and energy division and of Gard. "if AB" is the name of the company founded by the amalgamation of the non-life interests of Skandia, including Vesta Marine & Energy, Storebrand and Pohjola.

Attached to this Circular is the joint press release issued by "if AB" and Gard on Sunday 24 October 1999.

Yours faithfully, ASSURANCEFORENINGEN GARD -gjensidig-

John G. Bernander Managing Director