Qudos Insurance placed into liquidation; DARAG enters risk transfer deal

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

Meanwhile, 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, the company said. 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 had revealed that its Denmark-based subsidiary 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.

“At the heart of all our decision-making stands prudence towards our investors, policyholders and the regulator,” said Nicolai Borcher Hansen, CEO at New Nordic. “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.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

California wildfire loss may reach $19bn: CoreLogic

RSA appoints new specialty, wholesale leader

Zurich partners with insurtech Snapsheet in claims innovation strategy

Insurtech Corvus raises $10m to expand into commercial lines

Don't miss our insurtech email newsletter - sign up today