SWEDEN – Skandia says it has been named as the main supplier in a SEK1bn (€109m) four-year Swedish occupational pensions procurement deal run by brokerage firm Max Matthiessen.
Other institutions involved include AMF Pension, Danica Fondförsäkring, Länsförsäkringar, SEB Trygg Liv and SPP Liv.
“Skandia has been named as principal supplier in a major procurement process carried out by the brokerage firm Max Matthiessen for occupational pension insurance for 27 large Swedish corporations,” the firm said.
It added it has developed a new fee model that eliminates up-front fees – replaced by “a recurrent portfolio management fee that is fixed over time”.
Skandia will be providing both unit linked assurance and life assurance, and will also be the sole provider of sickness/disability insurance. It said the four-year deal is worth an annual premium volume of around SEK1bn. It starts on June 1.
"We are very pleased with this deal, which confirms the position that Skandia has had and continues to hold in the Swedish insurance market," said Sven-Erik Milton, Skandia’s head of market and business development.
Glenn Nilsson, marketing director at Max Matthiessen, was not available for comment.
Late last year Max Matthiessen took over Nordic investment bank Carnegie’s Swedish pension consulting arm.