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Insr Insurance Group secures approval for NEMI Forsikring acquisition

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Insr Insurance Group secures approval for NEMI Forsikring acquisition

Oslo-based Insr Insurance Group ASA secured the approval of the Norwegian Financial Supervisory Authority on Nov. 27 for its full acquisition of NEMI Forsikring ASA from Alpha Insurance A/S.

Insr said the financial group that will be established once the transaction is completed may include two separate companies involved in the same type of business for up to six months. Insr and NEMI Forsikring must be merged within six months after the deal is closed, which is expected around Nov. 30.

The firm also said all the conditions for the closing of the private placement of 57.2 million new shares, corresponding to about 400 million Norwegian kroner, have been fulfilled.

The new shares are expected to be registered in the Norwegian Register of Business Enterprises around Nov. 29, while the delivery of the new shares to investors against subscription price payment is expected around Nov. 30, following prospectus approval from the Norwegian FSA.

As of Nov. 27, US$1 was equivalent to 8.15 Norwegian kroner.