SEB Enters Partnership and Invests in Nordic Insurtech Hedvig

SEB is entering a strategic partnership with the insurance provider Hedvig, a Nordic insurtech-company within property insurance for private individuals.

As part of this, SEB Venture Capital is “making a strategic investment in Hedvig in conjunction with a financing round led by Adelis Equity.”

Jonas Söderberg, head of SEB’s division Private & Corporate Customers, said:

”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. 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.”

The partnership is “a natural next step following the strategic partnership that SEB entered last year with the insurtech-company Insurely, which is digitalizing the insurance industry with the help of open data and innovative technology.”

Stefan Stignäs, Head of Exploratory Banking & Strategic Partnerships at SEB, said:

”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. Hedvig’s digital insurance offer is a very good match with the new infrastructure that we have established through the partnership with Insurely.”

Hedvig today insures more than 130,000 people, “with an annual premium volume of about 200 million Swedish kronor (17,6 million euros).”

Through its focus on service and availability, the company “has quickly gained market share and today some 10 per cent of Swedes chose Hedvig for new home insurance policies.”

The company is now “raising 333 million kronor in a new financing round led by Adelis Equity, which also becomes the main owner of the company.”

SEB Venture Capital and Nicklas Storåkers are also “participating in the round and will both become members of Hedvig’s board.”

The transaction is “subject to approval from the Swedish Financial Supervisory Authority and is expected to be completed during the coming months.”

Fredrik Ljungblad, Investment Manager at SEB Venture Capital, said:

“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. 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.”

SEB’s existing relationship with Trygg-Hansa as “a cooperation partner within property insurance continues as planned.”

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