New Nordic Advisors, the advisor to investment management company New Nordic Holding Ltd, has announced that its wholly-owned subsidiary Qudos Insurance has suspended live underwriting, pending a restructuring of the business.
Qudos’s live underwriting platform will be re-launched following a restructuring project and a comprehensive audit, New Nordic said.
It added that the restructuring project will continue in conjunction with leading legacy specialists.
“The insurance market, particularly in Scandinavia, is rife with opportunity for entrepreneurial and well-structured insurance businesses,” said Nicolai Borcher Hansen, Chief Executive Officer (CEO) at New Nordic.
“At New Nordic, we are committed to strengthening our participation in the insurance market while always unflinchingly acting in our investors’ best interests,” he added.
Borcher Hansen continued: “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.”