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Insr Insurance gets approval for Nemi Forsikring merger as Q4 loss widens YOY

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Insr Insurance gets approval for Nemi Forsikring merger as Q4 loss widens YOY

Insr Insurance Group ASA received permission Feb. 27 for its merger with fellow Norwegian insurer NEMI Forsikring ASA, with the legal merger expected to be completed early in the second quarter.

The migration of both firms to one core information technology system and joint work processes will be completed in the second half, the group added.

Insr Insurance reported an unaudited consolidated fourth-quarter 2017 negative result from operations of 145.9 million Norwegian kroner, widening from a 27.3 million kroner loss a year earlier. For full year 2017, the negative result from operations amounted to 205.8 million kroner compared to 9.6 million kroner in 2016.

As of Feb. 27, US$1 was equivalent to 7.86 Norwegian kroner.