Unrated Danish insurer Qudos plunges into liquidation

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The owners of Danish unrated insurer Qudos have placed the business into liquidation, after it ceased to write new business in October.

Qudos’ owner New Nordic Advisors has entered into retrospective reinsurance treaties with Darag to attempt to “de-risk” the insurer. However, not all portfolios have been covered and it is still in discussions with the legacy specialist to see if further deals can be brokered.

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

The entry into liquidation follows the insurer’s decision to suspend underwriting new business last month.

Qudos is the second unrated Danish insurer to enter liquidation this year. Following the failure of its reinsurer CBL, Alpha Insurance collapsed in May.

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