New Nordic’s Danish subsidiary Qudos suspends underwriting amid restructuring
Asset manager New Nordic Advisors has revealed that its Denmark-based wholly-owned subsidiary Qudos Insurance will cease to underwrite new business with immediate effect, pending a restructuring of the business.
Qudos’ live underwriting platform will be re-launched following a restructuring project and a comprehensive audit, the company said.
Earlier in May 2018, European run-off specialist DARAG and New Nordic Advisors acquired two portfolios of Qudos Insurance, the control of which New Nordic acquired in 2017 via a joint cell structure. At that time, New Nordic said that it wants to “restructure Qudos Insurance into a lean Scandinavian-focused insurance company”.
“Our ambition to create innovative, interconnected insurance products remains core to our strategy. With a restructured insurance platform, combined with a prudent solution to Qudos’ current liabilities, we will be able to deliver both on our long-term return target and goal of creating a customer-centric and technologically advanced insurance offering that provides value to policyholders and investors alike,” said Nicolai Borcher Hansen, CEO at New Nordic. “The insurance market, particularly in Scandinavia, is rife with opportunity for entrepreneurial and well-structured insurance businesses."
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