Insr: Contemplating issuing Tier 1 capital
Insr Insurance Group ASA is considering issuing a NOK 75 million Perpetual Restricted Tier 1 bond with first call option after five years. The full amount is pre-committed at an interest rate of 3-month NIBOR +3.75%.
The proceeds from the bond will allow Insr to take advantage of identified growth opportunities and to reduce its reinsurance quota cession through strengthening the Company’s solvency position. The bond will contribute to an efficient capital structure for Insr in combination with Insr’s existing Tier 2 bond. Taking advantage of the full range of capital instruments available to insurance companies helps ensure a lower average capital cost.
Insr has appointed ABG Sundal Collier as manager for the bond issue.
The company is planning to hold investor meetings on the following dates and locations:
- Tuesday, October 16th in Oslo
- Wednesday, October 17th in Stockholm
The presentation for the investor meetings will be available on www.insr.io in advance of the meetings.
The Tier 1 bond issue is subject to approval by a General Meeting in the company and the Norwegian Financial Supervisory Authority. An Extraordinary General Meeting will be held on October 26th.
Anne B. Knudtzon
SVP Business Controlling & Investor Relations
Phone: +47 926 10 606
E-mail: Anne B. Knudtzon
Insr Insurance Group ASA was established in 2009 and is an independent insurance group listed on the Oslo Stock Exchange, with headquarters in Oslo. Insr has a license for all groups of non-life insurance, except for credit and guarantee insurance. The Company's main focus is on the market for property and casualty insurance for the retail and small & medium sized enterprise segments in Norway and Denmark. Insr distributes its products mainly through insurance agents and partners.
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