Jan Jakobsen steps down as LÍV director

Jan Jakobsen will step down as director of Faroese insurance group LÍV after 14 years, the company announced on its website. He will remain in the role until a successor is found.

The announcement comes amid controversy over LÍV’s investment in Globe Tracker, a company specialising in tracking, monitoring, and managing fishing gear. Despite repeated capital injections, Globe Tracker has failed to turn a profit.

LÍV’s two subsidiaries, P/F Tryggingarfelagið LÍV and P/F LÍV Lívs- og pensjónstryggingarfelag, invested a combined 174 million Danish kroner in Globe Tracker between 2013 and 2024. By the end of 2024, the entire investment had been written down to zero, resulting in a confirmed loss of 234 million kroner.

On 30 December 2024, investment firm Framherji and LÍV’s two subsidiaries injected an additional 66.7 million kroner into Globe Tracker. Following this, Framherji acquired just over 50 percent ownership, with LÍV retaining the rest. At the time, Jakobsen described the move as a high-risk investment.

Both Jakobsen and Árni Ellefsen, now LÍV’s acting chair, have previously served as board chairs at Globe Tracker. LÍV stated it is now seeking a new director, with Jakobsen continuing in the interim.