Insr: Amended Tier 1 Loan Terms
Insr Insurance Group ASA and Nordic Trustee AS, on behalf of the bondholders, have entered into an agreement amending Insr’s Tier 1 loan, the perpetual bond with ISIN NO0010834880. The European insurance regulator EIOPA has modified criteria for loan instruments to qualify as Tier 1 hybrid capital under Solvency II, implemented in Norway from June 30[th], 2020. The purpose of the loan amendment agreement is for the loan to qualify as Tier 1 under the new regulations. The amendment modifies how the bond is written down in the case of a capital shortfall, detailing a steeper write-down