Marine insurer Alandia is selling more of its non-marine business to focus on the hull and machinery, protection and indemnity, leisure boat and cargo liability cover.

It said it has reached an agreement with fellow Finnish insurer LahiTapiolla over the sale of its Statutory Accident and Patient portfolio of business. The deal, to be completed in July 2022, also involves related staff moving over to LahiTapiolla.

No price has been disclosed.

Chief executive Tony Karlstrom said the move is in line with Alandia's business plan to focus on marine insurance, and its longer-term ambition to become a market leader.

"The sale of Alandia Statutory Accident and Patient Insurance portfolio is a continuation of our strategy to become an unmitigated marine insurance company with the vision of becoming a leading European marine insurance specialist," he said.

Alandia, which is headquartered on the Finnish island of Aland, also sold its life insurance portfolio to Akita last year.

Alandia is one of the largest marine insurers in the Nordic region and has been showing strong growth in recent years. Its total premium income in 2020 was €87m ($98m) compared with €53.6m in 2016.

Last year, it earned a net profit of €23.3m, with a combined ratio of 95%, indicating an underwriting profit. Its earnings were helped by hardening hull and machinery rates, improved claims performance and a decrease in its expense ratio.