Finnish members Tapiola and Local Insurance to merge

Finnish ICMIF members Tapiola and Local Insurance are to merge and form a mutual financial group called the Local Insurance-Tapiola Group. The merger should be complete by January 2013. The current...

Finnish ICMIF members Tapiola and Local Insurance are to merge and form a mutual financial group called the Local Insurance-Tapiola Group. The merger should be complete by January 2013.

The current Managing Director of Tapiola, Juha-Pekka Halmeenmäki, will become Managing Director of the merged organisation and Erkki Moisander, the current Managing Director of Local Insurance, has been appointed President.

The current President of the Tapiola Group, Asmo Kalpala, will end his term as President at the end of 2012, however, he will remain on the Board of Directors of the new organisation until the end of June 2013. During this period, Asmo will also continue to serve as Chairman of the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE) and as a Member of Insurance and Reinsurance Group at the European Insurance and Occupational Pensions Authority (EIOPA). Asmo retires at the end of June, 2013.

The merged organisation, Local Insurance-Tapiola Group, will become Finland’s largest non-life insurer. The company’s figures are estimated as follows:

  • Market share in non-life insurance is approximately 30 per cent
  • Premiums written in non-life insurance are approximately EUR 1 billion
  • The number of members is approximately 1.5 million
  • The company group will employ approximately 4,000 people.

“We are building a new Finnish financial group based on the mutual company form, which will grow closer to its customers and combine the best practices of both parties”, says Asmo Kalpala, President of Tapiola Group.

“The incorporation of regional mutual insurance companies means that we are bringing banking and insurance services as close to the owner-customers as possible. Strong resources enable us to provide financial services in the manner expected by the customer, in person or online. The owner-customers who concentrate their business with us will also benefit from the bonus programme,” says Erkki Moisander, Managing Director of Local Insurance.

In addition to the main group, 19 regional mutual companies will be set up to offer insurance, banking and investment services locally with the central company providing services for the Helsinki area.

In this article


Join the Conversation