Insr: Notification from the Norwegian Financial Supervisory Authority (NFSA) and Announcement of Strategic Review
Oslo, June 29, 2020
Insr, on Friday after market close, received a notification where the NFSA considers withdrawing the license to operate due to unresolved risk and control issues. The company is in the process of implementing a further strengthening of the governance, risk and control structure.
The Board of Directors has decided to initiate a strategic review to explore the alternatives available to the company.
In connection with this, the private placement announced on June 25th will not be completed, although it was oversubscribed by existing and new shareholders.
The company remains in a solid financial position. This is underpinned by an un-audited profit for the continued business for April and May, which has resulted in an improved solvency position.
Insr has engaged Carnegie AS as financial advisor and Advokatfirmaet Wiersholm AS as legal advisor to assist with the completion of the strategic review, including establishing contact with potential buyers. No assurance can be given regarding the outcome or timing of this process.
For additional information, please contact:
Bård Standal, Chief Legal Counsel & Deputy CEO, Insr: +47 41 52 14 90
Espen Husstad, Chief Executive Officer, Insr: +47 93 48 09 32
Christian Begby, Carnegie: +47 93 40 93 28
Per Kristian Sørlie, Carnegie: +47 93 40 93 22
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. Insr distributes its products mainly through partners and insurance agents.