Insr Insurance Group ASA raised 103.7 million Norwegian kroner in a private placement via the conditional allocation of 13,468,750 shares at a subscription price of 7.70 kroner per share.
The shares represent about 10% of the company's outstanding share capital.
Net proceeds from the private placement will be used to strengthen the company's competitive position, accelerate its profitable growth trajectory through a decreased reinsurance quota and improve the utilization of the available Tier 1 hybrid capital.
The private placement is subject to the approval of the share capital increase by the Norwegian Financial Supervisory Authority and the registration of the share capital increase with the Norwegian Register of Business Enterprises and the Norwegian Central Securities Depository.
Closing conditions are expected to be fulfilled on or about Oct. 22, with settlement on Oct. 24.
ABG Sundal Collier ASA has acted as sole manager and book runner in connection with the private placement.
As of Oct. 14, US$1 was equivalent to 9.12 Norwegian kroner.