Reykjavik, Iceland, 9 October 2007 - The Icelandic insurance company Tryggingamidstodin (TM) today announces that Sigurdur Vidarsson has been appointed as the Company´s Chief Executive Officer, with immediate effect. The Company has agreed with Oskar Magnusson, which has served as the Chief Executive Officer since 2005, that he will leave his post. A business graduate from the University of Iceland, Vidarson has worked for Kaupthing life insurance since 1997 where most recently he has been the head of the finance and insurance division. At Kaupthing life insurance Vidarsson has among other things been responsible for communication with reinsurers and product development. Commenting, Gunnar Karl Gudmundsson, Chairman of TM said: "I am delighted to welcome Vidarsson to TM. His extensive experience in the Icelandic insurance market will be of great value and he will be joining a strong management team. His expertise will be invaluable as we aim to further increase our presence in the Icelandic market, as well as continue to grow our platform in Norway. On behalf of the Board, I want to use the opportunity to thank Oskar Magnusson for his dedication and contribution.” Sigurður Viðarsson, CEO of TM: "I am delighted to join TM. I have followed its operation over the last few years and witnessed the good work done. There are a lot of exciting opportunities for TM and the strong management team of the company will pursue them, both in Iceland but also in foreign markets.” Óskar Magnússon fráfarandi forstjóri TM: "It is natural step that the recent changes in the ownership of TM lead to new CEO taking charge. I want to congratulate the new owners with the acquisition and I wish the new CEO all the best.'' For more information about TM see www.tmhf.is For further information contact: Sigurdur Vidarsson Chief Executive Officer Tel: (+354) 515 2000 About TM TM was founded in 1956 and offers non-life and life insurance as well as selected financial services to individuals and companies in Iceland. TM is one of three largest insurance companies in Iceland with approximately 24% market share. Largest part of TM's operation is coming from Iceland but in addition it owns the Norwegian insurance company Nemi Forsikring ASA. TM employs roughly 130 people in Iceland and more than 50 in Norway.