Tryggja

What Tryggja does

Tryggja ehf. is an Icelandic insurance intermediary (broker) founded in 1995, headquartered at Stórhöfði 23, Reykjavík. It is the oldest insurance intermediary in Iceland and operates as a Lloyd's cover holder, providing direct access to the Lloyd's insurance market for placing complex and specialized risks locally. The company is a subsidiary of GGW Group and employs 12 people serving roughly 5,500 customers.

The company's product portfolio spans individual insurance (child insurance, four-tier health insurance including TRAUST, HLÍF, VÖRN, and Framtíð, seaman insurance, and occupational disability coverage) and corporate lines (cyber insurance, directors & officers liability, corporate advisory, claims handling, and collection services). Internally, Tryggja has developed a proprietary insurance broker management system over approximately 8 years that handles policy administration, client communications, and certificate issuance. This system was licensed to London Marine in the UK in 2021, validating it as a licensable software asset beyond Iceland.

Tryggja's revenue model combines insurance commissions (recurring subscription-style revenue from carriers), hourly intermediation fees (27,900 ISK + VAT per hour), per-certificate software licensing revenue, and hourly claims handling (€406 per hour for foreign claims). GTM is sales-led for enterprise and municipality clients and self-service online for individuals. In 2022 the company reported turnover of 732m ISK and profit of 90m ISK, with a 42% equity ratio. Strategic relationships include Lloyd's (core), HDI Global Specialty (professional liability), and various European insurance carriers. Notable customers include Ísafjarðarkaupstaður (municipality), LSS (firefighters' association), Lindex Iceland, Orkusalan, and Reykjalundur.

Name

Tryggja

Legal name

Tryggja ehf.

Website

https://tryggja.is

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

Tryggja is Iceland's oldest insurance intermediary, founded in 1995, acting as a Lloyd's cover holder to provide individual insurance and corporate brokerage services to roughly 5,500 customers across Iceland.

Ownership category

akta.pro rank

Product category

Insurance Brokerage & Intermediation

NAICS

Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

Keywords

• Insurance brokerage
• Insurance intermediation
• Risk advisory
• Claims management
• Insurance software licensing

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Others

Revenue model

1. Insurance Intermediation/Commission: Tryggja earns commissions from insurance companies for placing policies. Fee structures include hourly rates for domestic intermediation (27,900 ISK + VAT) and commissions from foreign insurers. Revenue from Lloyd's cover holder relationship and partnerships with European insurance companies.
2. Software Licensing: Tryggja licenses its proprietary insurance intermediary software to other insurance intermediaries. London Marine in the UK adopted the system in 2021. Revenue model is per issued certificate (per policy).
3. Claims Handling Services: Collection services for third-party claims (domestic and foreign). Domestic claims handling for non-insurance damage claims typically at 10% of collected compensation plus hourly fee. Foreign claims service charged at 406 EUR per started hour.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Tryggja ehf. is Iceland's oldest insurance intermediary (founded 1995), operating as a Lloyd's cover holder to provide insurance brokerage services for both individuals (child, health, seaman, occupational disability coverage) and businesses (corporate risk advisory, cyber insurance, directors & officers insurance, claims handling). The company also licenses its proprietary insurance policy administration software to international intermediaries.

Product overview

Tryggja is an insurance brokerage (vátryggingamiðlun) offering a comprehensive portfolio of insurance products and services. The core offerings include individual insurance products (Barnatryggingar for children, Heilsutryggingar in four tiers: TRAUST, HLÍF, VÖRN, and Framtíð for different life stages), specialized Seaman Insurance, and Starfsvernd (occupational disability insurance). For businesses, Tryggja provides corporate services including Cyber Insurance, Directors & Officers Insurance, and risk assessment advisory. The company also offers operational services including Claims Services (tjónaþjónusta), Collection Services (innheimtuþjónusta), and Insurance Mediation. Tryggja serves as a Lloyd's cover holder, providing direct access to the Lloyd's insurance market. Additionally, Tryggja operates its own proprietary software house, developing and licensing insurance broker management systems.

Differentiator

Problem solved

Functional benefit

Products and services

• Barnatrygging (Child Insurance)
• Heilsutryggingar (Health Insurance) — TRAUST / HLÍÐ / VÖRN / Framtíð tiers
• Sjómannatryggingar (Seaman Insurance)
• Starfsvernd (Occupational Disability Insurance)
• Fyrirtækjaþjónusta (Corporate Insurance Advisory)
• Netglæpir / Cyber Insurance
• Stjórnendaábyrgðartrygging (Directors & Officers Liability Insurance)
• Tjónaþjónusta (Claims Handling Services)
• Innheimtuþjónusta (Collection Services)
• Miðlun vátrygginga (Insurance Mediation / Lloyd's Cover Holder Service)

Quantifiable outcome

• Achieved better insurance terms than customer anticipated
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• Lloyd'scoreTechnology or IntegrationTryggja is a Lloyd's cover holder with direct access to Lloyd's market for placing insurance policies. This partnership allows Tryggja to offer specialized and complex insurance products to Icelandic clients through Lloyd's global insurance marketplace.
• GGW GroupcoreStrategic or Co-development PartnerTryggja ehf is part of the GGW Group conglomerate. GGW Group is the parent company structure under which Tryggja operates.
• Various European Insurance CompaniescoreChannel Partner/ Reseller/ DistributorTryggja works with multiple insurance companies from Europe to provide insurance products to Icelandic customers. They maintain partnerships with various international insurers to offer diverse coverage options.

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Market position

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/tryggja

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tryggja