VIS Insurance Ltd. (Vátryggingafélag Íslands hf.)
VIS Insurance Ltd (VIS) is one of Iceland’s leading providers of non-life insurance services, offering a broad range of insurance products for individuals, families, companies, institutions and municipalities.
VIS was established on 5 February 1989 when two insurance companies merged – Brunabotafelag Islands and Samvinnutryggingar.
The former was founded in 1917 to operate property fire insurance in accordance with Icelandic law on property fire insurance, while the latter was a traditional non-life insurer, established in 1946 by Samband íslenskra samvinnufélaga (Federation of Iceland Cooperatives Societies).
VÍS positions itself as full service provider, focusing on quality and flexibility for its customers. The company employs about 200 people and 30 service agents, and runs an extensive service network with 41 branches nationwide. VIS operates claims service center in Reykjavik as well as call center both in Reykjavik and Akureyri.
VIS operates closely with its daughter company, Líftryggingafelag Islands hf – Lifis – which is located within VIS headquarters and offers life insurance, other health related insurance products and pension/investment products.
Under the EEA passporting legislation, VIS is authorised to write insurance business in respect of risks situated within a number of European countries, including the Nordic countries, the Baltic and UK.
Press release, 17 April 2013
VÍS share offering greatly oversubscribed
70% shareholding sold for ISK 14.3 billion at price of ISK 7.95-9.20 a share
A successful public offering of shares in Vátryggingafélag Íslands hf. (VÍS) was completed yesterday, 16 April 2013, at 4:00 p.m. Almost 5,000 investors submitted offers to buy shares totalling ISK 150 billion. The Corporate Finance - Investment Banking division of Arion Bank hf. managed the offering and the proposed listing of the company on NASDAQ OMX Iceland. The shares were sold by Klakki ehf.
In light of the demand Klakki decided to exercise its authority to increase the size of the offering and it finally represented 70% of issued shares in VÍS. The offering raised proceeds of ISK 14.3 billion. Offers between ISK 7.95 and 9.20 a share were accepted upon allocation. The final offer price in books A and B is ISK 7.95 a share and in book C the average price is ISK 8.52 a share.
Approximately 14.55% of issued shares in VÍS will be allocated to investors who subscribed in book A to buy shares of ISK 0.1 to 50 million, and each investor will be allocated shares amounting to ISK 0.1-1.5 million. Approximately 30.70% of shares in VÍS will be allocated to investors who subscribed in book B to buy shares of ISK 50 million or above, and each investor will be allocated shares in the amount of 5% of their valid subscription. Investors who subscribed in book C will be allocated 24.75% of the issued shares in VÍS for ISK 5.3 billion.
Magnús Scheving Thorsteinsson, CEO of Klakki: “It is really pleasing to see such a high level of interest among investors in this offering and the results are positive both for Klakki and VÍS. Following the offering, Klakki retains an interest in the company and the company is pleased to be able to welcome almost five thousand new shareholders at this key moment."
Shares in VÍS are expected to be admitted to trading on the Main Market of NASDAQ OMX Iceland on Wednesday 24 April 2013. The stock exchange will announce the first day of trading with at least one business day’s notice.
The final due date of payment for receipts sent to investors is 23 April. After 9:00 p.m. on the final due date buyers will not be able to effect payment, unless the seller decides to collect unpaid subscriptions.
Sigrún Ragna Ólafsdóttir has been appointed CEO of VÍS
The board of directors have appointed Sigrún Ragna Ólafsdóttir, CFO at Islandsbanki, as the new CEO of VIS Insurance Ltd.,from September 1, 2011.
Ms Ólafsdóttir joined Glitnir banki at the end of 2007 as Executive Director of Finance and was appointed Managing Director of Finance and Operations in October 2008. Ms Ólafsdóttir assumed her current role of Chief Financial Officer on July 1, 2010. Prior to joining the bank she worked for Deloitte where she served as Chairman and Partner. She has extensive experience in the Icelandic financial market, having worked with various companies in a variety of industries.
Ms Ólafsdóttir holds an MBA degree from Reykjavik University and a Cand. Oecon. degree in Business Administration from the University of Iceland and is a State Authorised Public Accountant.