Alm Brand

almbrand.dk · 29 vendors

Resilience scores

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Last updated 2026-06-25 · revision 2

29 direct vendors, 314 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 9/10

Assessed by AI based on technology stack characteristics (cloud-native vs legacy, containerization, microservices), regulatory environment, data residency requirements, financial stability, and vendor lock-in risks. The score ranges from 0-10, where higher scores indicate better readiness for technology migration.

Alm Brand exhibits a very high degree of migration readiness, largely due to its advanced and cloud-native oriented technology stack. The extensive use of Microsoft Azure, combined with Docker and Kubernetes for containerization and orchestration, signifies a highly modular, portable, and infrastructure-agnostic environment. This setup greatly reduces the friction typically associated with migrating applications and services, enabling easier movement between cloud environments or within Azure regions. MuleSoft for API integration further facilitates decoupling of services, making it simpler to migrate individual components without impacting the entire architecture. The JavaScript SPA Frontend Framework also points to modern development practices that support flexible deployment. While the company has strong migration enablers, potential challenges lie in the migration or modernization of core legacy systems such as Guidewire (Insurance Core Platform) and SAP (ERP/Finance Systems). These systems often involve complex data models, custom configurations, and deep integrations that require significant planning and effort to move or re-platform. The assessment is also constrained by the lack of specific data on regulatory compliance requirements, data residency mandates, and financial stability, all of which can influence the scope, complexity, and funding of a migration project. Despite the presence of core legacy systems, the overall cloud-native and containerized approach positions Alm Brand exceptionally well for future migrations and modernization initiatives.

Compliance

10 in-scope frameworks identified; showing 3.

Solvency II — Assessment Required

Solvency II is the primary EU prudential regulatory framework for insurance and reinsurance undertakings. As one of Denmark's largest non-life insurers, Alm. Brand is directly subject to Solvency II requirements supervised by Finanstilsynet. Non-compliance can result in loss of operating license, capital add-ons, and significant regulatory sanctions. The framework requires substantial capital adequacy, risk management, governance, and public disclosure (SFCR reports). This is the single most critical regulatory framework for Alm. Brand's core business.

Evidence: https://www.finanstilsynet.dk/Tilsyn/Virksomhedstyper/Forsikring, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32009L0138, https://www.almbrand.dk/om-alm-brand/investor-relations/, https://www.eiopa.europa.eu/

IDD — Assessment Required

The Insurance Distribution Directive governs how insurance products are sold and distributed across the EU. As a Danish insurer distributing products directly and through intermediaries, Alm. Brand is subject to IDD requirements. Risk is Medium as Alm. Brand is a well-established insurer with mature distribution compliance programs, and Finanstilsynet actively supervises IDD compliance. Non-compliance risks include fines and reputational damage but are less severe than prudential non-compliance.

Evidence: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32016L0097, https://www.finanstilsynet.dk/Tilsyn/Virksomhedstyper/Forsikring/Forsikringsformidlere

GDPR (source) — Assessment Required

Alm. Brand is a Danish insurance and financial services group headquartered in Copenhagen, Denmark — an EU member state. As an insurer and financial services provider, it processes extensive volumes of highly sensitive personal data including health/medical data (special category data under GDPR Article 9), financial data, claims data, and customer identification data for millions of Danish policyholders. The volume and sensitivity of data processed, combined with the strict enforcement posture of the Danish Data Protection Authority (Datatilsynet), creates a High risk profile. Non-compliance can result in fines up to €20 million or 4% of global annual turnover. Datatilsynet has been an active enforcer within the EU.

Evidence: https://www.almbrand.dk/hjaelp/persondatapolitik/, https://www.datatilsynet.dk/, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32016R0679

Financials

Three-year financials

Financial Resilience Score: 7/10

Alm. Brand demonstrates solid financial resilience as the #2 Danish non-life insurer with approximately 17-18% market share following the transformative Codan acquisition in 2022. The company maintains a strong capital position with Solvency II coverage typically around 180%+ and has historically held an A- range rating from S&P for operating entities. Its pure-play non-life insurance focus, combined with a diversified product mix across private, commercial, and agricultural lines, provides stable underwriting income with a target combined ratio of approximately 88-90%. The company has shown disciplined capital management, returning surplus capital to shareholders through active buybacks and dividends following the Codan integration. Management has guided to ~DKK 600m+ in annual cost and technical synergies from the Codan deal, largely realized by 2024-2025. However, geographic concentration entirely in Denmark exposes the company to climate/weather event volatility (e.g., storm Babet in October 2023), and integration risk from the Codan acquisition remains until full IT systems migration is complete. Hard reinsurance market conditions have also raised retention costs.

Key strengths: #2 Danish non-life insurer with ~17-18% market share post-Codan, Strong Solvency II coverage ratio of ~180%+, Historical S&P A- range rating for operating entities, Diversified non-life product mix (private, commercial, agricultural), DKK 600m+ annual synergies from Codan integration, Active capital return program (buybacks and dividends), Over 230 years of operating history (founded 1792), Limited FX exposure due to Danish-only footprint

Risk factors: 100% geographic concentration in Denmark, Weather/climate exposure (cloudbursts, storms, winter weather), Codan integration execution risk (IT migration, brand consolidation), Competitive pressure from Tryg, Topdanmark (Sampo), and Gjensidige, Interest rate sensitivity on liabilities and investment portfolio, Rising reinsurance costs in hard market, Declining equity base due to capital returns

Revenue by geography

Revenue by product/service

Workforce by country

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