UK general insurer, IGI Group, has attracted a major shareholder investment from Iceland's leading insurance company, Vátryggingafélag ĺslands hf. (VÍS).
The investment marks a strategic move by VÍS to gain a presence in the UK market.
With the new partnership in place, IGI's current gross written premium is expected to grow significantly by 2009.
The company currently writes such product lines as landlord property, touring caravan, warranty products, pet and legal expenses.
In support of these growth plans, VÍS, which was established in 1989 and has 40% share of the Icelandic market with its range of personal and commercial non-life insurance and financial service products, will also provide additional capital to support the planned growth of IGI.
The partnership will see IGI introduce additional lines of insurance to its portfolio. The company will continue to distribute its products through its expanding UK-wide broker network.
Keith Wardell, managing director of IGI Group, said: “The partnership will enable IGI to become a significant player in the UK market, both through the expansion of our product lines and further investment in client service delivery, which we are absolutely committed to."
Eggert Sverrisson, managing director of VÍS, added: “Our agreement with IGI marks an important step in establishing and building a UK presence. We have ambitious growth plans and it was clear that a partnership with IGI would help us to realise these plans. There are many synergies between our two businesses, both in terms of our values and vision, and our products.”
