(IN BRIEF) Swedish bank SEB has announced a strategic partnership with Hedvig, a Nordic insurtech company, which provides property insurance to private individuals. As part of the partnership, SEB Venture Capital will make a strategic investment in Hedvig. The company has more than 130,000 customers and insures property worth approximately SEK 20bn ($2.3bn). Hedvig has raised SEK 333m ($38.7m) in a financing round led by Adelis Equity, with SEB Venture Capital and Nicklas Storåkers participating in the funding. The deal is subject to approval from the Swedish Financial Supervisory Authority.
(PRESS RELEASE) STOCKHOLM, 10-Mar-2023 — /EuropaWire/ — Skandinaviska Enskilda Banken AB (STO: SEB-A) (SEB), a Swedish financial group leader on the Nordic market, announced its strategic partnership with Hedvig, a prominent Nordic insurtech-company specializing in property insurance for individuals. As part of the deal, SEB Venture Capital has made a strategic investment in Hedvig, in conjunction with a financing round led by Adelis Equity.
This collaboration builds upon SEB’s previous strategic partnership with the insurtech company Insurely, which leverages open data and innovative technology to revolutionize the insurance industry.
”Hedvig’s customer-friendly and digital insurance offer means that we faster gain the possibility to offer our customers insurance services in a smooth and easy way,” says Jonas Söderberg, head of SEB’s division Private & Corporate Customers. “The fact that we also make an investment in the company is natural, as we see big opportunities in a joint journey with Hedvig and the new main owner Adelis Equity.”
With an annual premium volume of approximately 200 million Swedish kronor (17.6 million euros), Hedvig currently insures more than 130,000 individuals, gaining market share through its focus on service and availability. Around 10 percent of Swedes opt for Hedvig when purchasing new home insurance policies.
”That we now enter into a strategic partnership with Hedvig is completely in line with our strategy of developing the financial ecosystem so that our customers can manage their banking and insurance needs in a simple and digital way,” says Stefan Stignäs, Head of Exploratory Banking & Strategic Partnerships at SEB. “Hedvig’s digital insurance offer is a very good match with the new infrastructure that we have established through the partnership with Insurely.”
The company is now raising 333 million kronor in a new financing round led by Adelis Equity, who will become the primary owner of the company. SEB Venture Capital and Nicklas Storåkers will also participate in the round, both joining Hedvig’s board of directors. The completion of the transaction is subject to approval from the Swedish Financial Supervisory Authority, and the process is expected to conclude in the coming months.
“With its modern, technological platform, smooth customer process and efficient insurance solutions, Hedvig has in a relatively short period of time managed to gain a prominent position in the Swedish insurance market and received high customer ratings,” says Fredrik Ljungblad, Investment Manager at SEB Venture Capital. “We look forward to being part of further developing the company together with its founders and the other investors. The market potential remains good and with the fully financed business plan in place, the future for the company looks very bright.”
It’s worth noting that SEB’s existing partnership with Trygg-Hansa, focused on property insurance, remains unaffected and will continue as planned.
Read more about Hedvig (hedvig.com)
Media contact:
press hotline: +4687639110 or e-mail: press@seb.se
SOURCE: Skandinaviska Enskilda Banken AB
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