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INFORMATION MEMORANDUM Insr Insurance Group

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INFORMATION MEMORANDUM Insr Insurance Group INFORMATION MEMORANDUM Insr Insurance Group ASA This Information Memorandum has been prepared in connection with Insr Insurance Group ASA's agreement to purchase 100% of the shares in Nemi Forsikring AS from Alpha Insurance A/S THIS INFORMATION MEMORANDUM SERVES AS AN INFORMATION MEMORANDUM ONLY AS REQUIRED BY NORWEGIAN LAW AND REGULATIONS. THE INFORMATION MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO BUY, SUBSCRIBE OR SELL ANY OF THE SECURITIES DESCRIBED HEREIN, AND NO SECURITIES ARE BEING OFFERED OR SOLD PURSUANT TO IT. 28 September 2017 IMPORTANT NOTICE This information memorandum (the "Information Memorandum") has been prepared in order to provide information about Insr Insurance Group ASA ("Insr" or the "Company", and, together with its consolidated subsidiaries, the "Group") and its business in connection with the agreement entered into between the Company and Alpha Insurance A/S ("Alpha") pursuant to which the Company will acquire 100% of the shares in Nemi Forsikring AS ("Nemi") from Alpha subject to the conditions for completion being fulfilled (the "Transaction"). This Information Memorandum has been prepared to comply with the requirement to prepare an information document pursuant to section 3.5 of the Continuing Obligations for Stock Exchange Listed Companies (the "Continuing Obligations"). It has been submitted to Oslo Børs for review before it was published. This Information Memorandum is not a prospectus and has neither been reviewed nor approved by the Norwegian Financial Supervisory Authority ("NFSA") nor Oslo Børs in accordance with the rules that apply to prospectuses. The Information Memorandum does not constitute an offer to buy, subscribe or sell any of the shares described herein, and no shares or other securities are being offered or sold pursuant to it. This Information Memorandum has been published in an English version only. The term "Manager" refers to ABG Sundal Collier ASA. The Company has furnished the information in this Information Memorandum. Unless otherwise indicated, the source of information included in this Information Memorandum is the Company. The Manager makes no representation or warranty, express or implied, as to the accuracy or completeness of such information, and nothing contained in this Information Memorandum is, or shall be relied upon as, a promise or representation by the Manager. The Manager disclaims all and any liability, whether arising in tort or contract or otherwise, which it might otherwise have in respect of the Information Memorandum or any such statement. All inquiries relating to this Information Memorandum should be directed to the Company. No other person has been authorized to give any information about, or make any representation on behalf of, the Company in connection with the Information Memorandum, and, if given or made, such other information or representation must not be relied upon as having been authorized by the Company. An investment in the Company involves inherent risks. Potential investors should carefully consider the risk factors set out in section 1 "Risk Factors" in addition to the other information contained herein before making any investment decision. An investment in the Company is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment. The contents of this Information Memorandum are not to be construed as legal, business or tax advice. Any prospective investors should consult with their own legal adviser, business adviser and tax adviser as to legal, business and tax advice. The delivery of this Information Memorandum shall under no circumstance create any implication that the information contained herein is correct as of any time subsequent to the date of this Information Memorandum 2 This Information Memorandum is subject to Norwegian law. Any dispute arising in respect of this Information Memorandum is subject to the exclusive jurisdiction of the Norwegian courts with Oslo District Court as legal venue in the first instance. The distribution of this Information Memorandum in certain jurisdictions may be restricted by law. The Company and the Manager require persons in possession of this Information Memorandum to inform themselves about and to observe any such restrictions. In the ordinary course of their respective businesses, the Manager and certain of its affiliates have engaged, and may continue to engage, in investment banking transactions with the Company and its subsidiaries. 3 TABLE OF CONTENTS 1. RISK FACTORS ..................................................................................................... 7 1.1 Risks related to the Company's business and the insurance industry ...... 7 1.2 Risk relating to the Shares ............................................................. 12 1.3 Risks related to the acquisition of Nemi ............................................ 15 1.4 Risks related to Nemi's business...................................................... 15 2. PRESENTATION OF INFORMATION ......................................................................... 17 2.1 Date of information ....................................................................... 17 2.2 Presentation of financial information ................................................ 17 2.3 Rounding ..................................................................................... 19 2.4 Industry and market data ............................................................... 19 2.5 Forward-looking statements ........................................................... 20 2.6 No advice ..................................................................................... 20 3. RESPONSIBILITY FOR THE INFORMATION MEMORANDUM ........................................ 16 4. THE TRANSACTION ............................................................................................. 17 4.1 Background and rationale for the Transaction ................................... 22 4.2 Overview and financing of the Transaction ........................................ 22 4.3 Conditions to closing of the Transaction ........................................... 24 4.4 Timeline ....................................................................................... 25 4.5 Other terms for the Transaction ...................................................... 25 4.6 Agreements for the benefit of close associates .................................. 25 4.7 Expenses ..................................................................................... 25 4.8 Subsequent merger ....................................................................... 25 5. DIVIDENDS AND DIVIDEND POLICY ...................................................................... 26 5.1 Dividend policy ............................................................................. 26 5.2 Dividends in 2015 and 2016 ........................................................... 26 5.3 Legal constraints on the distribution of dividends .............................. 26 5.4 Manner of dividend payments ......................................................... 27 6. INDUSTRY AND MARKET ...................................................................................... 28 6.1 The general insurance market in Norway .......................................... 28 6.2 The general insurance market in Denmark ....................................... 29 7. PRESENTATION OF INSR ...................................................................................... 31 7.1 Introduction ................................................................................. 31 7.2 History and important events .......................................................... 31 7.3 Restructuring ................................................................................ 34 7.4 Operation ..................................................................................... 34 7.5 Risk and capital management ......................................................... 38 7.6 Competitive landscape ................................................................... 39 7.7 Employees .................................................................................... 40 7.8 Infrastructure and IT systems ......................................................... 40 7.9 Legal proceedings ......................................................................... 41 4 7.10 Material contracts .......................................................................... 41 7.11 Property, plants and equipment ...................................................... 41 7.12 Research, development, patents and licences ................................... 41 7.13 Investments ................................................................................. 42 7.14 Regulatory overview ...................................................................... 42 8. PRESENTATION OF NEMI ...................................................................................... 45 8.1 Introduction ................................................................................. 45 8.2 Business overview ......................................................................... 45 8.3 Board of Directors, Management and employees ............................... 48 8.4 Ownership structure ...................................................................... 50 8.5 Legal proceedings ......................................................................... 50 8.6 Material contracts
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