New Nordic Advisors has placed its wholly-owned insurance subsidiary Qudos Insurance (Qudos) into liquidation and entered into multiple reinsurance treaties with DARAG to de-risk Qudos and provide a solution for policyholders.
The liquidation is effective immediately, following a comprehensive review of the insurance company’s position.
New Nordic and DARAG are continuing to explore whether further solutions can be brought to bear for other portfolios in Qudos.
DARAG and New Nordic formed a strategic partnership in March and made their first joint transaction in May.
Nicolai Borcher Hansen, New Nordic CEO, commented: “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, DARAG CEO, said: “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.”
