Qudos Insurance A/S goes into solvent liquidation

The investment company New Nordic Holding (New Nordic), who purchased the insurance company Qudos Insurance A/S (Qudos) in March 2017, today decided to place Qudos into solvent liquidation. This has happened after a comprehensive review of the insurance company's situation. Under the New Nordic’s ownership, the new management in Qudos initially succeeded in establishing a profitable business, but this was unfortunately not enough to counter the losses from the old business. The losses were found to be greater than expected and not of a transient nature. Despite extensive restructuring, three capital injections and…continue reading →

Pressemeddelelse – Qudos Insurance A/S går i solvent likvidation

Investeringsselskabet New Nordic Holding (New Nordic), der købte forsikringsvirksomheden Qudos Insurance A/S (Qudos) i marts 2017, har pr. dags dato besluttet at bringe Qudos i solvent likvidation. Det er sket efter en omfattende gennemgang af forsikringsselskabets situation. Den nye ledelse i Qudos lykkedes indledningsvis med at etablere en profitabel forretning, men desværre ikke nok til at imødegå tabene fra den gamle forretning. Disse tab viste sig at være større end først forventet og ikke af forbigående karakter. Til trods for omfattende restrukturering, tre kapitaltilførsler og risikooverførsel til den tyske run-off ekspert Darag har…continue reading →

Change of ownership for Qudos

Please note that on March 7th, New Nordic Odin Denmark ApS ("New Nordic") completed the purchase of all shares previously owned by Echelon Financial Holdings Inc. ("Echelon") in QIC Holdings Inc. ("QICH"). With this purchase New Nordic has now acquired control of QICH and its wholly-owned subsidiary, Qudos Insurance A/S ("Qudos"). This acquisition is an important milestone for the New Nordic group as it had been targeting a strategic acquisition in the European general insurance sector for a number of years. For Qudos, the acquisition is very welcomed as it reaffirms the company’s…continue reading →