New Nordic Advisors has placed its wholly-owned Danish insurance subsidiary, Qudos Insurance, into liquidation with immediate effect.
This decision follows a comprehensive review of the insurance company’s position.
New Nordic had entered into a number of retrospective reinsurance treaties with Darag to de-risk Qudos and provide a prudent solution for policyholders.
Both New Nordic and Darag are continuing to explore whether similar solutions can be brought to bear for other portfolios in Qudos.
In October 2018, New Nordic revealed that Qudos Insurance would cease to underwrite new business with immediate effect, pending a restructuring of the business.
At the same time, the investment management company had said that Qudos’ live underwriting platform would be re-launched following a restructuring project and a comprehensive audit.
Nicolai Borcher Hansen, CEO at New Nordic commented: “At the heart of all our decision-making stands prudence towards our investors, policyholders and the regulator,”
Adding: “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, shared: “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.”