After searching for many years for an easy way to provide travel agencies and tour operators with security to ensure their compliance with statutory required travel guarantees, the Swedish Travel Agency Association (SRF) established Vector Nordic AB in 2015. Vector is not an insurance company, as initially envisioned. Instead, in collaboration with Gar-Bo Försäkring AB, Vector is an affiliated insurance broker. Since 2017, Swedish travel agents and tour operators can subscribe via Vector for insurance from Gar-Bo, which provides the required travel guarantees to Kammarkollegiet and similar establishments in neighboring countries, as well as guarantees to IATA and SilverRail. This also applies to travel agents and tour operators on Iceland, in Denmark, Estonia, Finland and Norway.
Vector is currently owned by SRF, Gar-Bo, the travel agents’ associations in Finland and Estonia, SMAL and ETFL, and some seventy travel agents and tour operators in the Nordic countries and Estonia. Vector and Gar-Bo have entered into a cooperation agreement extending over several years, according to which, Vector acts as a tied insurance broker for Gar-Bo’s guarantee insurances. The fact that the company is owned by the travel industry itself and that it has entered into a long-term cooperation with Gar-Bo makes Vector a strong player in the travel guarantee market.