Successful placement of NOK 75 million Restricted Tier 1 capital
Reference is made to the stock exchange notice released on October 3rd, 2018 regarding a contemplated Restricted Tier 1 bond issue.
Insr Insurance Group ASA (“Insr”) announces today the successful completion of the book-building for the NOK 75 million bond, at a coupon of 3M NIBOR + 3.75%. The bond is perpetual with optional redemption after 5 years.
The 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.
The proceeds from the bond will allow Insr to take advantage of identified growth opportunities and reduce its reinsurance quota cession through strengthening the Company’s solvency position. The instrument 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.
ABG Sundal Collier acted as manager for the bond issue.
For additional information, please contact:
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.