Qudos Insurance A/S have informed us that following a comprehensive review by its owner, New Nordic, the decision has been made to place Qudos permanently into run-off and to liquidate the remaining assets.  New Nordic/Qudos have affirmed that Qudos remains solvent and that all existing policies will “run-out to the end” and remain in force.  We have been advised that Qudos will continue to be able to meet their obligations to policyholders.

Terms have been agreed with Darag (a claims run-off specialist) to manage and transfer legacy and claims handling on the Qudos portfolio for all periods up to June 2017 (we have been advised that this significantly improves the Solvency Ratio), with the portfolio period July 2017 to 19^th October 2018 being negotiated.  Based on the most recent assertions of New Nordic/Qudos, we understand that these negotiations are continuing to progress positively.

Owing to the assurances of New Nordic/Qudos we do not envisage that Qudos Insurance A/S policyholders placed via Patrona will be detrimentally impacted by this development.

We will continue to provide updates on developments as and when they occur.