Insr: NFSA approval of transaction with Storebrand Forsikring AS
Oslo, September 16th, 2020
Reference is made to the stock exchange release on June 29th, 2020, where Insr Insurance Group ASA announced that it had been notified by the Norwegian Financial Supervisory Authority (NFSA) that it considered revoking Insr's license to operate as an insurance company, and to the stock exchange release on August 14th, 2020, where Insr announced that it had entered into an agreement for the sale of the substantial part of its Norwegian insurance portfolio to Storebrand Forsikring AS.
Insr is pleased to announce that the portfolio purchase agreement with Storebrand has been approved by the NFSA.
The portfolio purchase agreement remains subject to approval by Insr's shareholders at the Extraordinary General Meeting on October 5th, 2020, as announced on September 14th, 2020.
Insr has also received a letter from the NFSA stating that Insr's operating licence will not be revoked at this point in time, based on the fact that Insr has presented a viable plan for winding up its insurance business. The portfolio purchase agreement with Storebrand represents a significant and necessary element of this plan. The letter will be made public on the NFSA web site.