Topdanmark A/S and Nordea Bank Abp agreed on a cooperation deal, under which the Danish insurer would distribute the Finnish lender's non-life insurance offerings in Denmark.

The deal, which takes effect Jan. 1, 2020, will see Nordea refer customers to Topdanmark, which will then give the final guidance and sale of insurance. This comes after Topdanmark terminated its agreement with Danske Bank A/S, a move that would hit its total non-life premium growth in 2020 by roughly 1 percentage point.

Topdanmark said the Nordea deal will offset the loss by about 0.5 percentage point and by 2020 the new deal will make up for the terminated deal with Danske Bank premium-wise.