Our history

TM's history

Tryggingamiðstöðin hf. was founded 7 December 1956 and began insurance operations on 2 January 1957. Leading up to the company's formation, various parties within the Iceland Freezing Plants Corp. had declared an interest in the establishment of an insurance company to see to the company's insurance and comprehensive insurance activities. There were 50 shareholders in the company at its formation, of which 45 were freezing plants within the IFPC. The share capital was ISK 962,000 (old currency) or ISK 9,620 (new currency).

The fisheries sector

TM grew gradually in its first years, initially focusing solely on insuring parties in the fisheries sector. In the 1960s, the company experienced great growth, especially in the insurance of ships and cargo, and by around 1970, the company had become one of the biggest marine insurance companies. During these years, the company engaged little in the insurance of individuals and businesses in sectors outside fisheries.

Auto and life insurance

In 1967 the company started to insure automobiles and began to place greater emphasis on providing comprehensive insurance services to individuals as well as companies. In 2005 TM's life insurance subsidiary Líftryggingamiðstöðin hf. began operations. In 2008 TM acquired the minority holders' shares and the company is now fully owned by TM. Marine insurance has weighed heavily in the company's operations and, for the longest time, was by far its biggest branch of insurance. In recent years, the company's other branches of insurance have grown significantly, while marine insurance has decreased proportionally in terms of total premiums.

The Icelandic Stock Exchange

On 29 September 1998, Tryggingamiðstöðin hf. was listed on the Icelandic Stock Exchange (ISE) market and was the first insurance company to be listed there. To comply with stock exchange regulations, the company increased the number of its shareholders and therefore sold all of its own shares in the company in the amount of ISK 3,946,159 at nominal par to both its employees and the public. At the end of 1999 there were 893 shareholders. Tryggingamiðstöðin hf. was delisted in 2008 after the number of shareholders fell below the minimum required.

Acquisitions

In 1998 the boards of Tryggingamiðstöðin and Trygging signed an agreement that Tryggingamiðstöðin would acquired all the shares in Trygging. All of Trygging's direct insurance and domestic reinsurance activities were transferred to TM. The parent company took over the obligations of Trygging in direct insurance as well as assets to meet them.

In 2008 Tryggingamiðstöðin acquired all shares in Íslensk endurtrygging. Íslensk endurtrygging had been a leading company in the Icelandic reinsurance coverage market since 1938 when it began its operations. When the company became a limited liability company in 1993 the operating insurance companies owned a portion of the company's shares. TM was the holding owner of Íslensk endurtrygging until TM acquired over 99% of the company's shares.

In 2006 Tryggingamiðstöðin completed its acquisition of all shared in NEMI Forsikring ASA. NEMI is a Norway based multiline and niche oriented general insurance company offering a broad spectrum of insurance. In March 2009 Alpha Group of Denmark entered into an agreement regarding the acquisition of the shares in NEMI Forsikring ASA. The agreement is conditional upon necessary public clearances and approvals.

CEOs

At the founding meeting of Tryggingamiðstöðin hf. in 1956, Gísli Ólafson was hired as the company's CEO. Ólafson held this position until 1991, or for over 34 years, when he became chairman of the board. He held this position until he died 17 February 1995. Gunnar Felixson was the CEO of TM from 1991 to 2005. He had been deputy CEO since 1976. Óskar Magnússon was the CEO of the company from March 2005 to October 2007. Sigurður Viðarsson has been the CEO of the company since October 2007.

Headquarters

The company's headquarters were situated at Aðalstræti 6 in Reykjavík from its formation in 1957 until January 2009, when the company moved its headquarters to Síðumúli 24 in Reykjavík.