Ergo Group AG, Munich Re’s primary insurance subsidiary, has completed the merger of its Nordic insurance operations, combining Danish travel insurer Europæiske Rejseforsikring A/S with Norwegian health insurance provider Ergo Forsikring AS.
The unified entity will operate under the name Ergo Forsikring A/S. Ergo said that it aims to serve as a platform for regional expansion, with a focus on Denmark, Norway, and Sweden. The company also noted that the integration will focus on health care and travel insurance solutions.
The newly established Ergo Forsikring A/S is headquartered in Copenhagen and employs 176 people across Denmark, Norway, and Sweden.
In 2024, the legacy companies reported gross written premiums of approximately €118 million (US$137 million) for Ergo Forsikring AS and €44 million for Europæiske Rejseforsikring A/S.
"As we bring together our respective expertise in the health and travel segments, underpinned by consequent digitalisation, we will act as a one-stop shop for holistic insurance coverage," said Ronald Kraule (pictured above), chief executive officer, Ergo Forsikring A/S.
The development aligns with broader strategic moves by parent company Munich Re, which recently announced the integration of US-based insurtech Next Insurance into Ergo following its acquisition of the remaining 71% stake for US$2.6 billion.
This move is part of Munich Re’s efforts to strengthen Ergo's digital and international footprint, particularly in the SME segment of the US insurance market.
Ergo currently operates in more than 20 countries, with a strong focus on both mature European markets and emerging Asian economies. In Germany, it is one of the leading insurers in life, property, and health lines, and it maintains active operations across key segments including legal expenses and digital solutions.
The merger follows a year in which Munich Re, including Ergo, delivered a net result of approximately €0.3 billion in the primary insurance segment. The group’s overall reinsurance division contributed €766 million in Q3 2024 alone.
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