Insr ceases writing Danish risk
Insr Insurance Group ASA ceases to write risk in its Danish operation.
As earlier communicated by the Company, the Board in Insr Insurance Group ASA has decided do discontinue the Company’s Danish operations.
As noted in that communication, the Norwegian Financial Supervisory Authority (NFSA) is of the opinion that this business should have been organized as a branch office instead of the current cross-border activity and had given a preliminary assessment that a requirement to immediately stop writing business in Denmark would be imposed on Insr.
Insr has now received a ruling in accordance with the preliminary assessment requiring Insr to stop writing business in Denmark from September 18th, 2019.
Key facts about the Danish operation first half year 2019:
- Eight employees
- Net earned premium of NOK 79 million
- Net cost ratio of 48% (not including services provided from head office in Norway)
- Net claims ratio of 77%
- Net combined ratio of 125%.
For further information, please contact:
Anne B. Knudtzon, SVP Business Controlling & Investor Relations
T: +47 926 10 606
Partnership insurance made easy. Insr enables you to broaden your customer or member offering through white label and co-branding insurance solutions. We provide insurance risk capital and insurance expertise, whilst you maintain your customer or member relationship. Insr is regulated by the Norwegian FSA (Finanstilsynet) and has a license for all groups of non-life insurance, except for credit and guarantee insurance.
Insr Insurance Group ASA was established in 2009 and is an independent insurance group listed on the Oslo Stock Exchange, with headquarters in Oslo. The Company’s main focus is on the market for property and casualty insurance for the retail and small enterprise segments in Norway and Denmark. Insr distributes its products mainly through partners and insurance agents.