Rettig Group to divest its stake in Alandia
Rettig Group has today signed an agreement to divest its 24.9 per cent stake in Alandia, the marine and yacht insurance company, to UBV Alandia Holding, a company owned by a consortium of investors including Bank of Åland, Veritas Pension Insurance, Viking Line, Lundquist Shipping Company Limited, Wiklöf Holding, and the association Föreningen Konstsamfundet. Financial terms of the transaction have not been disclosed.
Alandia is one of the leading marine insurers in the Nordic and Baltic region. The company was a mutual insurance company until 2014. Rettig Group’s stake in Alandia originates from its earlier ownership of shipping company Bore, which was an insurance customer of Alandia and became shareholder of the company as a result of the demutualisation of Alandia in 2014.
”Since 2014, Alandia has taken decisive steps in developing its strategy and operations with the vision to become a leading marine insurance specialist. As Alandia’s largest owner we have strongly supported the company’s efforts in driving performance improvement and growing net asset value, and we are especially pleased with the improvement in Alandia’s profitability in 2020. The company has undergone a successful transformation journey, and hence, we believe that the time is right to divest our stake to a reputable group of investors, many of whom are shareholders in Alandia already today”, said Matts Rosenberg, CEO of Rettig Group and Chairman of the Board in Alandia.
Completion of the transaction is subject to regulatory approval from the Finnish Financial Supervisory Authority. Matts Rosenberg will continue to serve on the Board in Alandia up until completion of the transaction.
Matts Rosenberg, CEO, Rettig Group: Tel. +358 40 745 5276
Rettig Group is a leading Finnish family-owned investment company that creates value for generations through active and responsible ownership. Our core investments are Alandia, eQ, Nordkalk, Purmo Group, and Terveystalo. We are also increasingly active in financial investments, including private equity fund- and co-investments.
Alandia is one of the leading marine insurers in the Nordic and Baltic region specialising in marine, cargo, and leisure boat insurance. Headquartered in the Åland islands and with offices in Helsinki, Stockholm and Gothenburg, Alandia generated net premium income of EUR 73m in 2020. www.alandia.com