Intention to Elect a New Member of the Management Board of LHV Kindlustus
The Supervisory Board of AS LHV Kindlustus, a subsidiary of AS LHV Group, intends to elect Taavi Lehemaa as a new Member of the Management Board of LHV Kindlustus. According to the plans, the decision on the change of the company’s Management Board will be taken on 18 September 2023 or a later date close to that date. The date of adoption of the decision will depend on the statutory obligation to notify the Estonian Financial Supervision and Resolution Authority of the proposed election of the Management Board Member. Martti-Sten Merilai will continue on as the Chairman of the Management Board.
Taavi Lehemaa has obtained a master's degree in economics from the University of Tartu and furthered his education at the University of Jönköping and the University of Cambridge Judge Business School. In 2018, Taavi Lehemaa worked as an analyst at the Estonian Ministry of Finance. Later as a financial analyst at Miratag GbmH. From 2019 to 2020, Lehemaa worked in various positions at the Estonian branch of Nordea Bank. He was a Credit and Compliance Specialist and Head of Global KYC Research. From 2020 to 2022, he was the LC&I Financial Crime Risk Manager of Nordea in Finland, dealing with the field of AML and sanctions, risk management of corporate clients. Taavi Lehemaa belongs to the board of AL Element OÜ. Neither Taavi Lehemaa nor the persons related to him own shares of LHV Group.
Madis Toomsalu, CEO of LHV Group and Chairman of the Supervisory Board of LHV Kindlustus commented: "In recent months, the business of LHV Kindlustus has reached a profit, and the company continues to grow business volumes. We focus on taking operations to a new level across different products and achieving efficiency resulting from growing business volumes. Taavi Lehemaa's background as a risk manager, as well as a manager of various teams, meets the goals of LHV Kindlustus to strengthen its position on the Estonian insurance market."
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 970 people. As of June, LHV’s banking services are being used by 404,000 clients, the pension funds managed by LHV have 127,000 active clients, and LHV Kindlustus protects a total of 161,000 clients. LHV Bank, a subsidiary of the Group, holds a banking licence in the UK and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.
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