IIZI acquires a majority holding in the Finnish insurance broker
IIZI group has acquired 82% of Finnish insurance broker Fundior Firstbrokers Oy from Scandinavian financial services company Fundior AB. Starting from today, 18% of the company belongs to its Director Jaava Myllyniemi. The new name of the company will be IIZI Firstbrokers Oy.
„We have set our objective to become the leading insurance broker in CEE and in Scandinavia and acquisition made was next step in our overall strategy,” said in comment CEO of IIZI group Risto Rossar, adding that expansion to Finland is a logical step that followed successful acquisitions made in Latvia and Lithuania last year. „Now it is important to put our business model and knowhow into efficient work also in the Finnish business climate.
According to Jaava Myllyniemi, Director and shareholder of Firstbrokers, the arrival of IIZI as a strategic investor is a very good news for the Finnish company and its customers. “IIZI is especially strong in developing innovative product solutions that will notably expand our rapid growth potential on the Finnish market,” said Myllyniemi in comment and emphasized that he hoped that the company can soon deploy in Finland several web-based efficient and user-friendly solution developed by IIZI.
„We are optimistic about the future since while today already about half of non-life insurance transactions in Estonia are made through insurance brokers, the share of brokers in Finland is still significantly lower. Therefore, there is plenty of room for growth,” said Rossar commenting the potential of the new subsidiary.
Fundior Firstbrokers Oy is the oldest Finnish insurance broking company founded in 1989. The company’s revenues in 2007 amounted to EUR 700 000. It has many international partnerships including exclusive partner agreement with Assurex Global Partners (world’s 3rd largest insurance group) and WBN (World Wide Broker Network). Fundior Firstbrokers Oy holds both life and non-life insurance broker licenses.
