Support units form the remaining two subsidiaries of Icelandair Group. They are Icelandair Shared Services, a financial service company, and Icecap, an insurance company.
ICELANDAIR SHARED SERVICES
Icelandair Shared Services handles all accounting, collection, payments, payroll, tax reporting and preparation of financial statements within Icelandair Group, in addition to other specialised services for managers of the Group. Icelandair Shared Services is a front-runner in Iceland in its field of operation. Icelandair Shared Services acquired in 2006 the Estonian accountancy firm ASE . The company specializes in revenue accounting for airlines.
Icelandair Shared Services aims to continue streamlining with unit-cost reduction as a main target and to push forward timelines for publication of financial data, both internal and external, in order to increase the value of financial information within the group.
Icecap underwrites a part of Icelandair Group’s insurance risk. Instead of insuring with a typical insurance company, a similar premium is paid to Icelandair Group’s own company, which then underwrites part of the risk and reinsures the remaining risk on market terms. Icecap plans to underwrite more of Icelandair Group’s insurance risk with the aim of minimising the reinsurance that the company buys in the market.