The merger of LocalTapiola Pension and Pension Fennia continues – Lasse Heiniö to become Managing Director of the new pension insurance company
LocalTapiola Pension and Pension Fennia will form a new pension insurance company on 1 January 2014. The framework agreement and plan of the merger have been approved by the companies' boards. Lasse Heiniö, the current Managing Director of Pension Fennia, has been selected to head the company. LocalTapiola Pension's current Managing Director, Satu Huber, has been appointed Deputy Managing Director and substitute for the Managing Director.
"Lasse Heiniö and Satu Huber complement each other well as leaders of the new company. Their strong experience in the financial sector will be of great benefit to us. It provides a good foundation for the building of a new and strong pension insurance company," Pension Fennia Chairman of the Board Pekka Sairanen and LocalTapiola Pension Chairman of the Board Harri Miettinen explain.
Heiniö's appointment as Managing Director ends on 31 May 2015. Satu Huber will take over as Managing Director from 1 June 2015.
The composition of the new company's board is also confirmed in the framework agreement. The board is composed of representatives of labour market organisations, both companies' clients and affiliated groups. Harri Miettinen was selected as the Chairman of the Board and Ann Selin and Pekka Sairanen were selected as Deputy Chairpersons.
The company's supervisory board is formed by combining the companies' current supervisory boards. Klaus Saarikallio will act as the Chairman of the Supervisory Board and Håkan Nystrand and Ilkka Brotherus will act as Deputy Chairmen.
Synergy advantages benefit customers
"We are implementing a large and even historical merger in the pension insurance sector. Our goal is to create a pension insurance company that produces high-quality services for its customers in a cost-efficient way. We invest in corporate finance and work welfare services that strengthen the competitiveness of our customers," says Lasse Heiniö, the nominated Managing Director.
"Research during the planning has shown that the merger is an excellent solution for our customers. The new company is a pension insurer that advocates entrepreneurs and companies growing and employing people in Finland. In addition to customers, the merger benefits the whole of Finnish society by improving the efficiency and reliability of the earnings-related pension scheme," says Harri Miettinen, the Chairman of the Board of the new company.
The synergy benefits assessed in the letter of intent will be exceeded according to more specific calculations. Savings of over 20 percent on operating costs will be realized. This will be reflected in customers' insurance premiums.
With 490 000 insured entities and approximately 3 billion euros of premiums written, the company's market share at the start of its operations is approximately 23 percent. The value of investment assets is approximately 17.5 billion euros. The company employs 450 people. Its offices will be located in Tapiola, Espoo.
The merger does not require any actions on the part of the customers. The objective of the company is to continue to collaborate closely with LocalTapiola and Fennia, acting as a pension insurance partner for both groups in equal measure.
The name of the new pension insurance company will be published later in the spring.
The merger still requires the approval of the authorities and the companies' general meetings.
Further information:
Pension Fennia Chairman of the Board Pekka Sairanen, tel. +358 50 515 1070
Pension Fennia Managing Director Lasse Heiniö, tel. +358 10 503 7204
LocalTapiola Pension Chairman of the Board Harri Miettinen, tel. +358 50 388 3070
LocalTapiola Pension Managing Director Satu Huber, tel. +358 50 568 8325
"Lasse Heiniö and Satu Huber complement each other well as leaders of the new company. Their strong experience in the financial sector will be of great benefit to us. It provides a good foundation for the building of a new and strong pension insurance company," Pension Fennia Chairman of the Board Pekka Sairanen and LocalTapiola Pension Chairman of the Board Harri Miettinen explain.
Heiniö's appointment as Managing Director ends on 31 May 2015. Satu Huber will take over as Managing Director from 1 June 2015.
The composition of the new company's board is also confirmed in the framework agreement. The board is composed of representatives of labour market organisations, both companies' clients and affiliated groups. Harri Miettinen was selected as the Chairman of the Board and Ann Selin and Pekka Sairanen were selected as Deputy Chairpersons.
The company's supervisory board is formed by combining the companies' current supervisory boards. Klaus Saarikallio will act as the Chairman of the Supervisory Board and Håkan Nystrand and Ilkka Brotherus will act as Deputy Chairmen.
Synergy advantages benefit customers
"We are implementing a large and even historical merger in the pension insurance sector. Our goal is to create a pension insurance company that produces high-quality services for its customers in a cost-efficient way. We invest in corporate finance and work welfare services that strengthen the competitiveness of our customers," says Lasse Heiniö, the nominated Managing Director.
"Research during the planning has shown that the merger is an excellent solution for our customers. The new company is a pension insurer that advocates entrepreneurs and companies growing and employing people in Finland. In addition to customers, the merger benefits the whole of Finnish society by improving the efficiency and reliability of the earnings-related pension scheme," says Harri Miettinen, the Chairman of the Board of the new company.
The synergy benefits assessed in the letter of intent will be exceeded according to more specific calculations. Savings of over 20 percent on operating costs will be realized. This will be reflected in customers' insurance premiums.
With 490 000 insured entities and approximately 3 billion euros of premiums written, the company's market share at the start of its operations is approximately 23 percent. The value of investment assets is approximately 17.5 billion euros. The company employs 450 people. Its offices will be located in Tapiola, Espoo.
The merger does not require any actions on the part of the customers. The objective of the company is to continue to collaborate closely with LocalTapiola and Fennia, acting as a pension insurance partner for both groups in equal measure.
The name of the new pension insurance company will be published later in the spring.
The merger still requires the approval of the authorities and the companies' general meetings.
Further information:
Pension Fennia Chairman of the Board Pekka Sairanen, tel. +358 50 515 1070
Pension Fennia Managing Director Lasse Heiniö, tel. +358 10 503 7204
LocalTapiola Pension Chairman of the Board Harri Miettinen, tel. +358 50 388 3070
LocalTapiola Pension Managing Director Satu Huber, tel. +358 50 568 8325