Ress Life Investments A/S
Nybrogade 12
DK-1203 Copenhagen K
Denmark
CVR nr. 33593163
www.resslifeinvestments.com
To: Nasdaq Copenhagen
Date: 18 September 2026
Corporate Announcement 31/2026 - Dispute with Purchaser of Insurance Portfolio
On 30 April 2025, Ress Life Investments A/S (the "Company") announced that it had entered into an agreement to sell its life insurance portfolio as per end of 2024 (the "Legacy Portfolio") to a market counterparty. The transaction is completed in separate quarterly tranches until end Q3 2026.
As of 30 June 2026, the Company held a 25% ownership of the Legacy Portfolio. Furthermore, the Company is entitled to a share of the future payouts of the Legacy Portfolio (earn-out) which is included in the Company's balance sheet as other receivables. As of 30 June 2026, the earn-out is valued at approx. USD 129 million.
Subsequent to the sale, at the request of the purchaser of the Legacy Portfolio, the Company entered into an amendment agreement allowing the purchaser to transfer the Legacy Portfolio to a newly formed, wholly-owned, banktruptcy remote subsidiary special purpose vehicle (the "SPV"). The obligations of the SPV are guaranteed by the parent company in the SPV's group.
Subsequently, the Company has become aware of information indicating that the constituent documents of the SPV holding the Legacy Portfolio discussed were not consistent with the purchaser's representations and that the SPV or its assets may have been pledged to a third party.
As a result, the Company has provided notice of termination of the purchase agreement and has filed complaints in United States courts against the purchaser of the Legacy Portfolio, the SPV, the parent company and other relevant parties alleging e.g. rescission, breach of contract, fraud and equitable relief to prevent asset transfers. The purchaser has also filed a claim against the Company seeking a declaratory judgment that the purchase agreement with the Company remains valid and binding.
Management has assessed the matter to be non-adjusting for the half-year financial statements as information has only arisen subsequent to the balance sheet date, and the Company and its fund manager are monitoring the matter closely as part of their on-going assessment of the recoverability and valuation of financial assets. The legal outcome, timeline for resolution and potential financial consequences of the matter remain uncertain at this stage.
Questions related to this announcement can be made to the company's AIF-manager, Finserve Nordic AB.
Contact person:
Gustaf Hagerud
gustaf.hagerud@finserve.se
Tel + 46 736607242
