Artemis ILS NYC 2019

Menu

Reinsurance News

New Nordic places Qudos into liquidation with help of DARAG

28th November 2018 - Author: Charlie Wood

New Nordic Advisors, the investment management company, has placed its wholly-owned insurance subsidiary Qudos Insurance into liquidation, effective immediately.

New NordicThis 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.”

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
Up to $19bn residential and commercial cost from Cali wildfires: CoreLogic

As the scope of damage from the California wildfires Camp and Woolsey continues to be assessed, catastrophe risk modeller CoreLogic...

Close