In order to strengthen Alandia Insurance's position as a leading provider of marine insurance products, the company will be restructured to focus on its original area of business – marine insurance. Such insurance policies already account for 96 percent of Försäkringsaktiebolaget Alandia’s premium volume. The vision is to secure the company’s position as a leading provider of marine insurance in Europe.
In order to further strengthen Alandia Insurance’s position as a leading provider of marine insurance products, the company will restructure to focus on its original core area of business – marine insurance. Marine insurance policies already account for 96 percent of Försäkringsaktiebolaget Alandia’s premium volume. The vision is to secure the company’s position as a leading provider of marine insurance.
The restructuring means that Alandia Insurance will be able to further focus on its core competences: Hull & Machinery, P&I, Cargo and Yacht insurance, and enable the company to expand into new markets and marine insurance products. The restructuring will result in a more efficient use of internal resources and will enable the company to develop and provide a better service concept for our insured customers.
In practise, the restructuring means that Alandia Insurance will cease writing all non-marine insurances through:
- the sale of the Personal Accident & Travel insurance lines to Finnish company LokalTapiola Sydkusten,
- the sale of Pensions-Alandia Insurance Ltd to present co-insurance partner Veritas Pension Insurance Company,
- the placing of the life insurance portfolio of Life-Alandia Insurance Ltd into run-off, and
- the incorporation of real estate portfolios of all three Alandia group insurance companies.
The planned operational changes affect a total of 30 people out of a total of 130 employees within the Alandia group of companies. Co-operation negotiations have begun and the assessment is that 10-15 positions, mainly within support functions, may be made redundant. A further 15 positions from the non-marine insurance lines will accompany the entities taking over the business. Hull & Machinery, P&I, Cargo and Yacht insurance lines will remain unaffected and the remaining 100+ Alandia staff will focus purely on themarine insurance lines.
“We are convinced that this change will ensure Alandia Insurance’s ability to continue offering both existing and new customers the best possible service. The demand for digital solutions and personal service means that, we must focus on what we are best at, namely marine insurance and services, where we also see good opportunities for strong growth in the future,” says Tony Karlström CEO of Alandia Insurance.
The plans for the merger and transfer of the property portfolio are still to be approved by all the companies involved and their annual general meetings as well as the relevant authorities.
For further information, contact:
CEO Alandia Insurance
Telephone: +358 40 509 4874
Find the pressrelease as a pdf here.