Viking Line - Company Announcement

Viking Line Abp: De-mutualisation and merger within the Alandia Insurance Group

Mariehamn, 2014-02-25 14:00 CET (GLOBE NEWSWIRE) -- 

Viking Line Abp       Stock Exchange Release      February 25, 2014, 3.00 PM

De-mutualisation and merger within the Alandia Insurance Group

The Supervisory Boards of Redarnas Ömsesidiga Försäkringsbolag (Finnish
business identity code 0145065-2), RÖF - an Åland-based shipowners' mutual
insurance company and parent company of the Alandia Insurance Group - and of
its wholly owned insurance subsidiary Försäkringsbolaget Alandia (0205048-2),
“Alandia”,  have today approved the de-mutualisation and merger plan that the
Boards of Directors of the two companies have signed. The purpose of this plan
is to reorganise RÖF into a limited liability insurance company and to merge
the two companies, with RÖF as the acquiring company and Alandia as the
acquired company. 

The plan only covers the above-mentioned two insurance companies and not the
pension insurance company Försäkringsaktiebolaget Pensions-Alandia (0205049-0)
and the life insurance company Försäkringsaktiebolaget Liv-Alandia (0971621-6),
which belong to the Alandia Insurance Group. 

The purpose of the proposed changes includes: Clarifying ownership conditions
and assets​​, simplifying administration as well as strengthening the company
and the development potential that the merged, financially very solid company
will have. 

Implementation of the plan requires additional consent from the Finnish
Financial Supervisory Authority in compliance with the Insurance Companies Act,
Chapter 19, Section 5 and Chapter 22, Section 4 plus the approval of two
general meetings of the co-owners of RÖF. According to plans, the process will
be carried out in such a way that both the change in the legal form of RÖF and
the merger are registered on December 31, 2014. 

After implementation of the de-mutualisation and merger, the shares in the new
limited liability insurance company will be allocated proportionally on the
basis of premiums paid during the years 2011 - 2013 by those companies that, on
the merger date, have had an uninterrupted co-owner relationship with RÖF that
has lasted at least one year. According to preliminary calculations, Viking
Line Abp's ownership share in the merged company will amount to slightly more
than 20 per cent. 

Approximate timetable for continued execution of the plan:

March 3, 2014            Application for consent from the Financial Supervisory
Authority 
March 3, 2014            Application for registration of the de-mutualisation
and merger plan in 
                                   the Finnish Trade Register
May 12, 2014             Approval by the first general meeting of RÖF
June 18, 2014            Approval by the second general meeting of RÖF
September 1, 2014    Consent from the Financial Supervisory Authority
December 31, 2014    Registration in the Trade Register of the change in legal
form, 
                                    new articles of association and merger.

For further information on Alandia Insurance, please see www.alandia.com

Viking Line Abp



Jan Hanses
Deputy CEO


         Deputy CEO Jan Hanses, phone: +358-(0)18-27000,
jan.hanses@vikingline.com