Insr Insurance Group ASA announced on 18 August that it had entered into a share purchase agreement for the acquisition of 100% of the shares in Nemi Forsikring AS from its sole Owner Alpha Insurance A/S, for an agreed purchase price of NOK 320 million. The acquisition of Nemi is a transformational transaction for Insr; the transaction will boost the size of Insr's insurance operation and enable the combined company to quickly reach profitable scale. Nemi is a company with a similar size, business profile and strategy, and is a strong and clear match with Insr.
INSR also announced on 29 August that it had successfully raised NOK 400 million in gross proceeds to fund the acquisition, through a private placement of 57,200,000 shares at a subscription price of NOK 7.00 per share. The net proceeds from the Private Placement will in addition to funding the acquisition be used to strengthen the Company's capital position and to potentially reduce the Company's reinsurance cession