TAALERI PLC STOCK EXCHANGE RELEASE 12 JANUARY 2018 AT 16:00
Commencement of proceedings relating to possible insurance event and compensation claim of Garantia Insurance Company Ltd
Garantia Insurance Company Ltd, a subsidiary of Taaleri Plc, has been informed of the commencement of proceedings in the Helsinki District Court of a case relating to a possible insurance event and associated compensation claim with delay penalties and legal costs amounting to EUR 5 million.
The insurance compensation claim relates to a pension foundation which was a guarantee insurance client of Garantia in 2011 and which in December 2011 was placed in administration in accordance with the Act on Pension Foundations (1164/1992, as amended).
Garantia considers the submitted insurance compensation claim to be unfounded, as a result of which it has not entered a provision for the outcome; it is presented as a contingent liability in the Taaleri Group’s financial statements. The case was presented in Taaleri’s listing prospectus of 30 March 2016.
Taaleri in brief
Taaleri is a financial group whose parent company Taaleri Plc is listed on Nasdaq Helsinki's main market. The Taaleri Group comprises three business areas: Wealth Management, Financing, and Energy. Taaleri provides services to institutional investors, companies and private individuals. The Group’s operational subsidiaries are: Taaleri Wealth Management Ltd and its subsidiaries, Taaleri Private Equity Funds Ltd Group, Taaleri Investments Ltd Group, Taaleri Energia Oy and Garantia Insurance Company Ltd. In addition, Taaleri has associated companies Fellow Finance Plc, which offers peer-to-peer lending services, and Inderes Oy, which produces analyses and marketing information for investors.
At the end of June 2017, Taaleri had assets under management totalling EUR 5.3 billion and 4,300 wealth management customers. Taaleri Plc has over 3,200 shareholders. Taaleri's operations are supervised by the Finnish Financial Supervisory Authority.
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