Copenhagen-based Qudos Insurance will cease underwriting new business with immediate effect, pending a restructuring of the business, announced parent company New Nordic Advisors.
New Nordic said it aims to re-launch the underwriting platform following a comprehensive audit. The restructuring project will continue in conjunction with leading legacy specialists, the company said.
No time frame for the restructuring was revealed in the announcement.
“The insurance market, particularly in Scandinavia, is rife with opportunity for entrepreneurial and well-structured insurance businesses,” said Nicolai Borcher Hansen, deputy chairman for Qudos and CEO and founder of New Nordic, which is the adviser to New Nordic Holding Ltd., the financial services-focused investment management company.
“Our ambition to create innovative, interconnected insurance products remains core to our strategy,” said Hansen in a prepared statement. “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.”
Qudos Insurance A/S was established in 2011 to serve the European broker community, said the company’s website. “Through active ownership, New Nordic seeks to be a transformational and relevant participant in the insurance industry,” it added on the site.
Qudos said it is one of the “key players in Europe for agent and broker derived niche insurance business.” Utilizing insurance agents across a range of countries, Qudos targets niche business, providing solutions for lines that include: motor; property; casualty; latent defects; legal expense; guaranteed asset protection (GAP); accident, sickness and unemployment (ASU) insurance, and extended warranty insurance.
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