Aktia Life Insurance, part of Finnish asset manager AktiaBank, has wrapped up the acquisition of the life insurance portfolio of Försäkringsaktiebolaget Liv-Alandia.

The transfer has been accepted by Financial Supervisory Authority.

Alandia agreed on the transfer of its life insurance portfolio to Aktia in December last year.

AlandiaFörsäkring-subsidiary Försäkringsaktiebolaget Liv-Alandiahas a portfolio of around 11,000 life insurance policies. Most of these policies have been managed by Aktia already for nearly 56 years.

Aktia has also been mainly in charge of the customer service for Liv-Alandia’s customers, since Liv-Alandia placed its life insurance portfolio into run-off last year.

Commenting on the latest acquisition, Aktia deputy CEOJuhaHammarén said last December: “Aktia and Alandia have been co-operating since the 1960s and we are already handling most of Liv-Alandia’s insurance portfolio.

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“The acquisition of Alandia’s life insurance portfolio is also consistent with our updated strategy. Therefore, the arrangement is the logical next step for us.”

The company noted that the insurance contracts will be transferred with the current terms and conditions and the transfer does not require any measures from Liv-Alandia’s customers.

Alandiaspecialises in marine, cargo as well as pleasure craft insurance. The company transferred its life insurance portfolio as part of the restructuring of organisation.