Chairman of the Year 2006 Gunnlaugur Sævar Gunnlaugsson, TM (Tryggingamidstödin insurance)
Chairman of the Year 2006
Gunnlaugur Sævar Gunnlaugsson, Tryggingamiðstöðin
Mr Gunnlaugsson received the Award from Minister of Business and Industry Jon Sigurdsson the 21st September 2006.
The winner to the right.
Mr Gunnlaugsson has been Chairman of the Board in Tryggingamiðstöðin (TM) for 4 years, during which profits have increased substantially, and a successful process towards internationalisation has been initialised.
TM is an insurance company whose financial results over the last two years have been above average, with a 50% increase in turnover, and profits that have tripled. TM has been the smallest of 3 insurance companies, but through a successful strategy for growth, it has become nearly as big as its competitors.
Gunnlaugur and his Board of Directors have looked abroad for growth potential. Through the take over of Norway Energy and Marine Insurance, a company worth 10 billion kroners, TM has increased its turnover by close to 100%. To successfully acquire a company with a similar size to your own requires a determined Chairman with great foresight.
This acquisition means a diversification of the insurance portfolio, in terms of different insurance types, a variety in business customers and a sound geographical distribution, thus decreasing the company’s overall financial risk.
TM has also bought a 5 per cent share of Invik & Co AB, a Swedish insurance company mainly dealing in insurance, banking and funds management.
TM has also bought a 5 per cent share of Invik & Co AB, a Swedish insurance company mainly dealing in insurance, banking and funds management.
Finding the best Chairman is based on pre set criteria, and data from a market survey among CEOs and board members. The results showed that Gunnlaugur reached the highest score.
The Chairman has led the Board in highlighting the company’s values, on which the company’s ethical base has been created. The Board has set the ground rules and built the framework for the strategic policy decisions that have led to successful acquisitions.
Gunnlaugur is good at invigorating board members, resulting in a high level of commitment, a flow of creative ideas, and a frank exchange of knowledge and experiences. The Chairman is particularly good at extracting conclusions, and he prioritises accordingly. He has the ability to balance distance and closeness to company management, and he has competence and authority. Through serving on 5 boards in private enterprises and the State Broadcasting Council, Gunnlaugur shows a very strong overall commitment.
Gunnlaugur is good at invigorating board members, resulting in a high level of commitment, a flow of creative ideas, and a frank exchange of knowledge and experiences. The Chairman is particularly good at extracting conclusions, and he prioritises accordingly. He has the ability to balance distance and closeness to company management, and he has competence and authority. Through serving on 5 boards in private enterprises and the State Broadcasting Council, Gunnlaugur shows a very strong overall commitment.
The board has established routines for whistleblowers.
The other persons in the board are:
Board member: Guðbjörg M. Matthíasdóttir
Board member: Geir Zoëga
Board member: Gudmundur Davídsson
Board member: Sigurdur G. Gudjónsson
The share of women in the board is 20%.
The share of women in the board is 20%.
Tryggingamiðstöðin (TM) is a corporation which operates in the insurance business and is residented in Iceland. The company is listed on the Icelandic stock exhange. TM is a winner at the Iceland Stock Exchange so far in 2006 with an increase of 80% the last 12 months. Their market value is 34 billion kroner.
Norway Energy & Marine Insurance (NEMI) is a multiline and niche oriented general insurance company offering a broad spectre of insurance cover to the following markets segments:Utilities, Commercials, Marine Hull, Fish Farming, Owners and transporters of goods and Aviation.
NEMI also offers customized solutions to larger companies, institutions, municipalities etc. NEMI is licensed to offer insurances covers in all classes of business except for credit and guarantee covers.
Invik & Co AB is a finance group with a broad product profile with a market value of 22 billion kroner focusing on insurance, banking and fund management.
Insurance: Modern Insurances Non-life, with its direct insurance operations focusing on individuals and small companies; Modern Insurances Life, which offers life, pension and endowment insurances; Assuransinvest manages the remaining run-off portfolio.
Insurance: Modern Insurances Non-life, with its direct insurance operations focusing on individuals and small companies; Modern Insurances Life, which offers life, pension and endowment insurances; Assuransinvest manages the remaining run-off portfolio.
The award is funded by: KPMG Iceland, Aberdeen Property Investors Sweden, Boardcall.com Norway and BoardNews.no Norway
Contact info:Chairman of 2006
Gunnlaugur Sævar Gunnlaugsson, mobile: +354 892 7014, e-mail: gsg@tmhf.is
Gunnlaugur Sævar Gunnlaugsson, mobile: +354 892 7014, e-mail: gsg@tmhf.is
Media partner:
Vidskiptabladid by Gunnlaugur Árnason Editor-in-Chief, +354 893 9830, ga@vb.is
Projectmanager: Board analyst Gunnar Eckbo, +47 92024576, post@styreinfo.no