Unrated Danish insurer placed into liquidation by owners

Unrated-insurer-Qudos-put-into-liquidation

New Nordic Advisors places Qudos Insurance into liquidation; enters into risk transfer deals with DARAG

New Nordic Advisors (“New Nordic”), the investment management company, has announced that it has placed its wholly-owned insurance subsidiary Qudos Insurance (“Qudos”) into liquidation, effective immediately, following a comprehensive review of the insurance company’s position.

New Nordic has entered into a number of retrospective reinsurance treaties with legacy specialist DARAG, in order to de-risk Qudos and provide a prudent solution for policyholders. New Nordic and DARAG are continuing to explore whether similar solutions can be brought to bear for other portfolios in Qudos.

Nicolai Borcher Hansen, CEO at New Nordic, said: “At the heart of all our decision-making stands prudence towards our investors, policyholders and the regulator. Following a deep and comprehensive review of the company’s position and open dialogue with the regulator, we have decided to place Qudos permanently into run-off and to liquidate the remaining assets. DARAG are consummate experts at legacy and claims handling and will assure the long-term, stable handling of the portfolios they are taking over.” 

Tom Booth, CEO at DARAG, added: “We are pleased to have been able to work with New Nordic to provide a retrospective reinsurance solution for certain Qudos portfolios and to have the opportunity to explore others. DARAG is an expert at comprehensive legacy solutions that drive value and security for our clients and insureds.”