New Nordic Advisors, the investment management company, has placed its wholly-owned insurance subsidiary Qudos Insurance into liquidation, effective immediately.
This decision follows a comprehensive review of the insurance company’s position.
New Nordic had 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 says they are continuing to explore whether similar solutions can be brought to bear for other portfolios in Qudos.
“At the heart of all our decision-making stands prudence towards our investors, policyholders and the regulator,” said Nicolai Borcher Hansen, Chief Executive Officer 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.”