Hey all. Welcome to this quarter one 2021 presentation for the results of Insr Insurance Group. My name is Niclas Ward. I am joined here today by Hans Petter Madsen, who is the CFO, and I am the CEO of the company. This presentation is streamed live, and the webcast will be available afterwards. You could please shift to the next slide. The setup of the meeting is as follows. I will start by giving an overview of the situation, then Hans Petter will go more into the financial details, before I come back and give an outlook and the conclusion of the situation. You may write questions at any time during the presentation, and we will have a Q&A session at the end. Please just send in your questions whenever you have them, and we'll gather them at the end. Could you please shift to the next slide? If we look at quarter one, the overall outcome is a loss of NOK 25 million. That is disappointing and worse than what we had expected. The key activity in the company now is the transfer of customers to Storebrand. That is developing according to plan, and the commission from that transfer supports the quarter one result with NOK 10.7 million. The gross loss ratio in quarter one for Norway, that was at the satisfactory level of 78, which is especially good considering it being a winter quarter. However, the run-off result in Denmark was negative with NOK 14 million. This is caused by an increase in reserves in workers' compensation, due to that case reserves have been increased for a number of claims. I think it's worth mentioning that this portfolio is quite challenging to know the final result, since it's a long-tail business and the portfolio is still relatively young. We do and will have a continuous focus on this portfolio, both to have good control of the claims development and not the least, the reserve development. After quarter one, the solvency ratio was at 110%. Due to the negative result, the Tier 1 loan at NOK 75 million has been fully converted into equity to support the solvency ratio. Please shift to the next slide. Just for everybody, I'd like to give a recap since the summer 2020 and the development since then. On the 26th of June, the NFSA gave Insr a warning that the license of the company would be lost. Based on that warning, the company made a strategic review and investigated different solutions. The solution that was found was that Storebrand would take over the active portfolio in Norway, while the other portfolios should be dismissed in other ways. This setup was presented to the NFSA, that approved the plan and postponed the decision to withdraw the license, and gave Insr until the end of 2021 to remove all insurance risk out from the company. As a next step, this was also approved by an extra general assembly on the 5th of October, and the process to transfer customers was initiated on the 1st of December. Can you please take the next slide? To give an update on the winding-down process of the insurance business. As I said earlier, the active customers in Norway are being transferred to Storebrand. Initially, this was only done on the renewal date. Insr and Storebrand have agreed to accelerate the transfer of parts of the portfolio. This has led to that we have up to now transferred about two-thirds of the portfolio to Storebrand, and at the end of quarter two, there will only be 15%-20% left of the customers to transfer to Storebrand. Some customers are more complicated to transfer. Thus, there will be some risk left in Insr or some active risk also left in Insr until the end of November. We moved the claims handling to Sedgwick, and also about 30 of the employees went to Sedgwick. That cooperation has all the time been going very smoothly, and since the people are handling the claims they did earlier in Insr, I'm satisfied with the claims handling and the service we're giving to the customers. AmTrust, they took most of the specialty insurances that Insr had. The agreement on that portfolio transfer, that it will be fully implemented at the end of the year. One important thing currently is that there are still a few portfolios where we have not reached an agreement at this point in time. The two major ones are the historical portfolio in Norway and the historical portfolio in Denmark. To find solutions for those, that's naturally the highest priority that we have currently. The processes that we run here, they involve several steps and are quite complicated. There's a lot of information that goes back and forth and a lot of data that should be reviewed. Currently, we have clear progress in both these processes, and we have good support to succeed. Both Hans Petter and myself are very much involved in this work. Since nothing is ready, it's of course, no guarantee that we will find solutions for this, but the plan is clearly not to have an insurance risk in Insr at the beginning of 2022. In connection to portfolio and customer transfers, there's a lot of data that should be transferred and systems that should be closed. This is also a complicated area, but we have a good overview of what needs to be done, and the first two systems were closed a couple of weeks ago. As part of the winding-up process, we also need to close all business contracts. Everything from fruit baskets to IT systems. Many of them are uncomplicated, but there are naturally longer contracts that pose more of a challenge. I'd like to report that there is good progress in this area, and the situation of the company naturally helps our counterparties to see the need for and benefit of closing those agreements and moving on. With that, I will now hand over to Hans Petter, who will give you a financial review. Please change to the next slide, and over to you, Hans Petter. Thank you, Niclas. Take the next slide. As Niclas mentioned, your results for the first quarter this year is a loss of NOK 24.8 million. That's a little bit better than last year when we had a loss of NOK 26.6 million. Let us start on the top. We had a gross earned premium of NOK 155.2 million. That's almost half of what we had last year. This is a figure that is, of course, now shrinking quite rapidly. The effect of transferring the portfolio to Storebrand will also increase that effect. We had gross claims at NOK 121.5 million. This is for the non-Norwegian business. We had sales cost for NOK 2.6 million. This is related to agreements for the portfolio transfer, where some of the partners receive their share of what we receive in commission from Storebrand. Normal sales cost is zero. It's just related to their part of the cost for transferring the portfolio. Insurance-related administration cost is NOK 38.6 million, compared to NOK 48.2 million last year. Here you can see that we have significantly reduced the cost compared to last year. Just a reminder that all claims handling cost is booked as claims costs, so the people who are transferred to Sedgwick is not within the administration cost. We had then a negative underwriting result of NOK 7.4 million compared to a loss last year, NOK 23.2 million. The reinsurance result was negative with NOK 6.7 million. This is related to that we had changes in the reserves, and this has been quite different in different branches. We had effect on branches where we had no reinsurance and other effects that hits with much reinsurance. That also resulted in a negative reinsurance result. This is also expected that the reinsurance result will not contribute positively going forward because normally we'll have reinsurance cost to make sure that the reinsurance is covering large claims. That gives us a net underwriting results of NOK 14.1 million compared to NOK 16.9 million last year. As Niclas mentioned, we have booked an increase in expected income from the Storebrand deal with NOK 10.7 million. That will be, of course, revised going forward until we have the final answer for what the total commission will be at the end of this year. We have a negative investment income of NOK 0.5 million and other items of NOK 6.6 million. That give us a negative result for the Norwegian business for NOK 10.5 million. We have a run-off loss that gave us a negative result in Denmark with NOK 14.3 million. We then ended up with the final result of NOK 24.8 million compared to NOK 26.6 last year. Next slide, please. If you look at the claims ratio, as Niclas mentioned, we are satisfied that we have reduced it compared to last year. Also since we have had this winter season, you normally have higher claims ratio than the average for the year, when it's not so much snow and cold that contribute to the losses. For own account, it's a little bit higher, that's as I mentioned on the reinsurance side on the previous slide. Next slide. As I mentioned, we have increased the expectation from Storebrand, and will be new revise on that next quarter. As we told in the books for last year, it's set in a conservative way. We expect that this will increase going forward. We had some non-recurring cost in the first quarter, especially we had high audit fees of NOK 4.5 million. That's in line, a little bit lower than last year, but still very high level. We continue setting away for stay-on packages to the employees, and other charges, that's booked with the NOK 4.7 this quarter. Next slide. The solvency ratio is now 110. That's after converting the Tier 1 loan. The rule for that Tier 1 loan is that it would have been 100% written off if the solvency ratio fall below 75. That meant that without the Tier 1 loan, the solvency ratio will have been less than NOK 75 million. Now it's bounced back to 110. You can also see that the SCR is a little bit reduced compared to year-end last year. That will of course continue going down when the portfolio and the claims is paid out. Next slide. The eligible capital went from NOK 199 million to NOK 170 million at the end of this quarter. The contribution here is of course the profit and loss for Q1 of NOK 25 million. So we have two driver. As long as the portfolio is reducing, the unearned premium is also reduced. That drives down two factors that contributes to the capital. One is the unearned reinsurance commission, and the other one is the profit margin on the unearned premium. That's NOK 15 million and NOK 22 million. We had a little bit change in the Norwegian Natural Perils Pool, and a small changes to best estimate. Of course, we had a huge contribution from the Tier 1 loan, with NOK 54 million, and then we have effects on that SCR go down. You can utilize a little bit less on Tier 2 and Tier 3. That's the bridge of the eligible capital. Next slide. A little bit sum up for what we are doing now. The focus is, of course, the transfer of portfolio to Storebrand and follow up the commission income from them. We are all the time tuning the operation and the IT system to a lower activity, and we try to close as many IT system as possible, as fast as possible. We are working hard on the negotiation for the run-off portfolio, both as a reinsurance but also as a direct transfer. We expect that their solvency ratio will slide downwards going forward based on the result. The outcome here is wider range due to a lot of uncertainties, for instance, on the cost of reinsurance. With that, next slide, and I give you the word back to Niclas. Thank you, Hans Petter. I will then take a look at the outlook and the conclusion, and also try to answer maybe some of the questions that have already come, and then we have the Q&A at the end. If we move to the next slide. Looking forward, as Hans Petter also mentioned, primary focus that we do have is to wind down the business and pay out any possible dividends that are left at the end to the shareholders. In addition to that, of course, the administration and the board are looking at alternative solutions and to explore those two to increase the value. There is both still competence in the company and the company is being more and more de-risked. There is still an opportunity for a bid for the entire company. We got a question in relation to that even before this meeting, that concerned that why have we written that the possibility of a sale is rather low in the Q1 report, that is sort of a bit more pessimistic than was communicated in earlier reports. In connection to that question, it was also asked the tax deficits of the company should be of value to a potential buyer. We are, of course, aware of that. I think it's just important that as time passes and we haven't found a buyer, we find that the possibility might go down. We want to be clear on that. That's why we have written rather low. When it comes to the tax deficit part, that could be used. Importance is, of course, that any potential deal would be of the nature that the tax deficit could be taken forward. Without going into all the details and without knowing all the details, that is a slightly complicated area, and it's also something we need to be aware of being still an insurance company with a license. There are quite a few sort of ifs and buts that would need to be solved for that. Summing that up, yes, there is a possibility. Time has passed, so in a sense, the company is more de-risked, so the opportunity could maybe be higher. We want to be clear also that as time has passed, there are maybe fewer opportunities as there is less time left, and any setup would of course need to be in line with rules and regulations and be approved by the Norwegian FSA. There is not just an easy process to do those things. In addition to potential transaction, we are also looking into other possible activities for the company. It's of course a natural part of what we should be doing now. I just also want to reiterate that a key focus is to wind down the insurance business in an orderly manner and to do that in a solvent way. Of course, any fundamental changes to the business would need to be approved by the shareholders, and also not the least in line with recommendations and instructions and comments from the NFSA, and would need an approval as long as we have an insurance license. The ambition going forward is to present the plan for the future of the company at the end of Q2. I want to be clear that one possible scenario is to wind down the insurance business and close the company, although we do consider other alternatives as well. Please change slides. To sum up, quarter one was a disappointment compared to expectations on the result side. Although that the underlying result in Norway was on an acceptable level, the adverse development of the run-off portfolio in Denmark led to a poor result. The insurance exit is ongoing. Not all parts of the wind- down process are in plan, but overall, I would say that there is good process and a good understanding of what needs to be done. A strong ambition to find solutions to the challenges. Sometimes we take some time to go from knowing what needs to be done to finding out how it's done. Here, I really want to take the opportunity to thank everybody that's contributing to that journey. First and foremost, of course, all the employees of Insr, but also temporary staff, some consultants, and some advisors that we have. I see that many in all of these put in both their hearts and a lot of time into this process, and I'm both very thankful for that, but also really impressed by the work that's being done. Although that we have a clear plan on what needs to be done and that we are doing good progress on that one, we do have a concrete challenge. That's the relation between the capital at hand and the capital needed. That's the solvency ratio. As Hans Petter pointed out, this is a challenge, and looking ahead, there is a risk that the solvency ratio will go below 100%. The quarter one result has increased that risk. As the company is shrinking, the sensitivity to changes in the capital situation increases. There is a wide range of outcomes, more positive, but also negative. It's, of course, obvious that this is a very strong focus on this area, both from the administration and the board, both to find possible solutions to the situation, but also to secure that things are done in a good order. Looking ahead, the main focus is to wind down the insurance business in an orderly manner and hand in the license to the NFSA. In addition to that, as other solutions that benefit the company and shareholders are searched for, they would naturally need to be approved by both the shareholders and the NFSA. With that, I conclude this presentation, and thank you all for listening, and return it to see if there are any more questions. I think we have a couple of questions we can go through. The first is about the tax deficit accrued in the company. Can you say something about how we can utilize that going forward? Yeah. I could belabor on that, but it's a complicated area. I don't know if you want to add something to that, Hans Petter, with your expertise in the area. This is, of course, options that we are looking into, but it's highly regulated, so it's a little bit difficult to just be very clear on that. Transaction must be based on what is natural to do from a business perspective and not from a tax perspective. Any solution must have a clear solution from the business side. Okay. We have a question about the earned premium in the accountings going forward. Can you say something about the development? Will it be at the same level in Q2, Q3 as in Q1? No, that will be significantly lower. That's because more and more portfolio is transferred to Storebrand, then the earned effect of this is that earned premium is shrinking. The earned premium will be less for the next quarters. In sum, that will be less than it was in the first quarter. All the next quarter will in sum be less than this first quarter. We're talking about probably, depends on a little bit the speed of the transfer and then other things, but between NOK 100 million and NOK 120 million. Okay. That was the last question I have got in at the moment, so. I think we have, just looking also at the chat, there's a follow-up question on the tax deficit, if it could be business outside insurance. I just on that one want to reiterate what Hans Petter said, that any transaction first and foremost would need to be in line with rules and regulations that are not uncomplicated in this area, and it also needs to have the formal approvals. I would say it's not impossible outside insurance, but needs to be looked at and in line with the regulations that exist. I also see a question that says: What will this mean for us shareholders? A bit hard to know exactly what this is. As a shareholder, you always need to draw your own conclusions. I think what we have elaborated on here is that we have a worse quarter-one result than we expected. That has had its impact on the solvency situation, where we have had to convert the Tier 1 loan. Solvency situation being at 100% now, which is prudent. We see a risk going forward, based on the limited size of the company and the wide range of possible outcomes in the financial situation, so that there is a risk that the solvency ratio will go below 100%. We have the main focus to wind down the company and give back the insurance license. There are other opportunities, and as long as it is possible to look at those, we will do that. The likelihood of that, I will try not to speculate too much on, because I think that's also up to you to make the judged decision based on your insights and your thinking there. [Break] We'll just hang on for some time to see if there are any further questions. There is a bit of a backlog between when you see this and when we receive questions. Just to be on the safe side, we'll hang here for a minute. [Break] I think that should be sufficient time lag for any other possible questions. With that, just once again, concluding the presentation and the Q&A, and thanking all of you who has watched this, and not the least, those who have spent time and effort to ask us some extra questions. Thank you all. Have a continuously good day and a nice long weekend.