Skagi
Skagi hf. is an Icelandic financial services holding company that consolidates VÍS (non-life insurance), Fossar (investment banking), and Íslensk verðbréf (asset management) to serve Icelandic retail, commercial, and institutional customers across integrated insurance, advisory, and fund management lines.
- Company typePublic
- Founded2023
- HeadquartersReykjavík, Iceland
- Headcount1–10
- GTM typeB2B and B2C
- OfferingServices
What Skagi does
Skagi hf. is an Icelandic publicly-listed financial services holding company (Nasdaq Iceland: SKAGI) that consolidates three wholly-owned operating subsidiaries: VÍS tryggingar (non-life insurance), Fossar fjárfestingarbanki (investment banking and corporate advisory), and Íslensk verðbréf (mutual funds and asset management). The group serves Icelandic retail, commercial, and institutional customers across three integrated financial service lines, with insurance representing the largest revenue contributor and VÍS's brand heritage tracing back to 1917 through predecessor companies.
The company's business model combines recurring insurance premiums across property, marine, motor, liability, and accident lines with transaction-based fees from investment banking, securities brokerage, and asset management, supplemented by investment income from the group's investment portfolio. Distribution is primarily direct through subsidiary sales forces, with a strategic partnership with Íslandsbanki formalized in Q2 2025 enabling cross-selling of VÍS insurance products through bank channels. Group assets under management reached ISK 253 billion at end-2025, and the company reported a combined ratio of 90.7% across insurance underwriting, indicating profitable risk selection.
The group was formed through the 2023 merger of VÍS and Fossar, with Íslensk verðbréf subsequently acquired and fully integrated during 2025. In October 2025, Skagi's board approved formal merger negotiations with Íslandsbanki that would have created a leading Icelandic financial group, but those negotiations were terminated in February 2026. Management has indicated openness to further consolidation opportunities in the Icelandic financial market. The company is led by CEO Haraldur Þórðarson and is headquartered at Ármúli 3, Reykjavík.
Skagi firmographics
Firmographics- Name
- Skagi
- Legal name
- Skagi hf.
- Website
- https://skagi.is
- Company type
- Public
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Skagi hf. is an Icelandic financial services holding company that consolidates VÍS (non-life insurance), Fossar (investment banking), and Íslensk verðbréf (asset management) to serve Icelandic retail, commercial, and institutional customers across integrated insurance, advisory, and fund management lines.
- Ownership category
- akta.pro rank
Skagi industry classification
Industry- Product category
- Financial Services (Insurance, Investment Banking, and Asset Management)
- NAICS
- Agencies, Brokerages, and Other Insurance Related Activities (5242), Portfolio Management and Investment Advice (52394), Finance and Insurance (52)
- SIC
- Fire, Marine & Casualty Insurance (6331), Investment Advice (6282)
- akta.pro primary industry
- Private Client/High-Net-Worth Advisory (FSAEAAAN)
- akta.pro secondary industry
- Protection & Indemnity (P&I) / Marine Liability Insurance (FSAJAHAH)
Keywords
Where Skagi is headquartered
LocationHeadquarters
- HQ city
- Reykjavík
- HQ country
- Iceland
- HQ region
- Europe
Offices1 record
Markets served
Skagi business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Insurance premiums (VÍS): VÍS generates revenue through insurance premiums across property, marine, motor, liability, and accident insurance. This is the core revenue driver with premium growth of 9.5% year-over-year in 2025. Combined ratio was 90.7% showing profitable underwriting.
- Financial services (Fossar and Íslensk verðbréf): Revenue from investment banking, securities brokerage, and asset management services. Net revenue from financial activities was 3,188 m.kr. in 2025 with 36% growth. Assets under management stood at 253 billion ISK.
- Investment returns: Investment income from the company's investment portfolio. Investment revenues were 2,355 m.kr. in 2025 with 5.2% return, though underperforming targets due to equity market weakness.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Insurance products with premiums based on risk assessment |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Skagi product offering
Product offeringCore offering
Skagi hf. is an Icelandic financial services holding company operating three wholly-owned subsidiaries: VÍS tryggingar (non-life insurance including property, marine, motor, liability, and accident), Fossar fjárfestingarbanki (investment banking, brokerage, corporate advisory, and asset management), and Íslensk verðbréf (mutual funds for retail and institutional investors, and institutional asset management). The group serves both retail and institutional customers across the Icelandic financial market.
Product overview
Skagi is a financial conglomerate operating as a parent company with three independent subsidiaries: VÍS tryggingar (insurance), Fossar fjárfestingarbanki (investment banking), and Íslensk verðbréf (securities/asset management). The company operates in insurance, investment banking, and asset management sectors, serving both retail and institutional clients across the Icelandic financial market. The subsidiaries maintain their individual brands while benefiting from the consolidated group's resources and cross-selling opportunities.
Differentiator
Problem solved
Functional benefit
Products and services
- VÍS tryggingar (Non-life Insurance)
- Fossar fjárfestingarbanki (Investment Banking)
- Íslensk verðbréf (Securities and Asset Management)
Quantifiable outcome
- Record insurance underwriting profit of 2,970 m.kr. in 2025, the best in VÍS history
- +3 more outcomes
Companies that use Skagi
Customer profileSegments3 records
Ideal customer profiles3 records
Skagi technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Skagi partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Íslandsbanki hf.coreSkagi and Íslandsbanka have initiated formal merger negotiations following board approval. The signed term sheet proposes Skagi shareholders receive 323,859,440 new shares in Íslandsbanka, representing approximately 15% ownership in the combined entity. The merger would create a leading financial group in Iceland combining banking, insurance, investment banking, and asset management. Expected annual synergies of ISK 1.8-2.4 billion. However, negotiations were subsequently terminated in February 2026.
Scale indicators8 records
Recent moves6 records
Expansion highlights4 records
Skagi competitors and assessment
Company assessmentBroad incumbents
- If P&C Insurance: Nordic-Baltic P&C insurer owned by Sampo. Comparable combined-ratio discipline and product breadth to VÍS, but with significantly larger geographic and capital footprint.
- Gjensidige Forsikring: Large Norwegian P&C insurer with combined-ratio discipline similar to VÍS. Useful scale and underwriting benchmark for VÍS's P&C franchise, though operates across Norway and the Nordics.
- Tryg A/S: Listed Nordic P&C insurer with focus on personal and commercial lines. Comparable underwriting profile and shareholder-return orientation to VÍS, though at much larger scale.
- Sampo Oyj: Nordic-listed insurance holding company (major owner of Topdanmark, If, Hastings). Relevant benchmark for Skagi's integrated insurance + asset management model, though operates at vastly larger scale across multiple Nordic markets.
Direct peers
- Arion Banki: Listed Icelandic universal bank with corporate banking, asset management (Stefnir) and capital markets operations. Closest direct competitor to Fossar in investment banking and to Íslensk verðbréf in asset management.
- Íslandsbanki: One of Iceland's three large universal banks and the party in the terminated merger with Skagi. Comparable as an integrated Icelandic financial services provider offering retail/corporate banking alongside insurance distribution partnerships.
- Kvika banki: Icelandic investment bank and asset manager (with TM insurance exposure). Most direct overlap with Fossar fjárfestingarbanki in brokerage/corporate advisory and competes with Íslensk verðbréf in fund management.
- Landsbankinn: Another of Iceland's three systemically important banks, with full-stack retail, corporate, asset management and insurance brokerage capabilities. Overlaps with Skagi across all three of Skagi's subsidiaries.
- TM hf: Icelandic non-life insurer with significant market share in property, motor and liability. Direct competitor to VÍS tryggingar in the Icelandic P&C insurance market.
Regional players
- Almennar tryggingar (Söluaðili VÍS): Icelandic insurance broker that historically sold VÍS products. Acts as a distribution channel alternative to VÍS's direct sales and the Íslandsbanki partnership in the same domestic market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Skagi social profiles
Digital presenceSkagi compliance and trust
Trust signalCompliance3 records
Skagi financial estimates
Financial estimateRevenue estimate
Valuation estimate
Skagi leadership team
Management profileNumber of profiles
Profiles9 records
Skagi subsidiaries and ownership
Company hierarchySubsidiaries3 records
Skagi funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Skagi M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Skagi
What does Skagi do?
Skagi hf. is an Icelandic financial services holding company operating three wholly-owned subsidiaries: VÍS tryggingar (non-life insurance including property, marine, motor, liability, and accident), Fossar fjárfestingarbanki (investment banking, brokerage, corporate advisory, and asset management), and Íslensk verðbréf (mutual funds for retail and institutional investors, and institutional asset management). The group serves both retail and institutional customers across the Icelandic financial market.
Is Skagi a public or private company?
Skagi is a public company. It is classified as public and is currently operating.
When was Skagi founded?
Skagi was founded in 2023. It employs 1 to 10 people.
Where is Skagi based?
Skagi is headquartered in Reykjavík, Iceland, in the Europe region.
How does Skagi make money?
Three revenue lines are on record. Insurance premiums (VÍS) is the primary driver. The others are financial services (Fossar and Íslensk verðbréf) and investment returns.
Who are Skagi's main competitors?
Broad incumbents on record are If P&C Insurance, Gjensidige Forsikring, Tryg A/S and Sampo Oyj. Direct peers are Arion Banki, Íslandsbanki, Kvika banki, Landsbankinn and TM hf. Almennar tryggingar (Söluaðili VÍS) is listed as a regional player.
Does Skagi have an API?
No public API is recorded for Skagi.
What industry is Skagi in?
Skagi's product category is Financial Services (Insurance, Investment Banking, and Asset Management). Its primary akta.pro industry code is FSAEAAAN, Private Client/High-Net-Worth Advisory, with a secondary code of FSAJAHAH, Protection & Indemnity (P&I) / Marine Liability Insurance. Its NAICS code is 5242 and its SIC code is 6331.