The managing director of Faroese insurance company Tryggingafélagid Foeroyar (TF), Edvard Heen, expressed his interest on Tuesday to enter the Icelandic market, planning to launch operations of a TF branch or subsidiary in Iceland by the end of this year.
From Kvivik in the Faroe Islands. Copyright: Icelandic Photo Agency.
Heen revealed that TF had been examining the possibility of expanding to Iceland since early 2007. In August last year the matter picked up speed and a final decision on entering the Icelandic insurance market was made at the end of last month, dv.is reports.
TF’s executives plan to directly sell insurance to the Icelandic market by establishing a branch or an Icelandic subsidiary. However, they would prefer purchasing an Icelandic insurance company that is already operating.
The company’s executives have discussed this option and others with representatives of local insurance companies, banks and authorities in the past months and presented their plans.
TF is an established insurance company in the Faroe Islands with a 75 to 80 percent market share and a long history.