3 December 2018 – DARAG announces its second transaction with New Nordic Advisors (“New Nordic”), following the recent formation of a strategic partnership in April 2018. DARAG has agreed a number of retrospective reinsurance treaties with New Nordic to cover several portfolios of Qudos Insurance, now in liquidation. The portfolios primarily relate to Irish and UK motor business currently in run-off. DARAG is in continuing discussions with New Nordic regarding the provision of further legacy solutions, including loss portfolio transfers and other legacy solutions.
Tom Booth, Group Chief Executive Officer of DARAG, said: “DARAG maintains its relentless focus on bespoke legacy solutions that deliver for our clients and insureds. Following the successful conclusion of our capital raise earlier this year, we are expanding on both sides of the Atlantic, continuing the organic growth in our core European constituency and concluding legacy transactions in Bermuda and the US. Our established partnership with New Nordic grows ever stronger and we look forward to further Nordic opportunities in 2019.”
Alex Roth, Group Head of M&A at DARAG said: “This is another milestone for our business, demonstrating that the scale, scope and expertise of DARAG enables us to provide complex solutions to clients. The Qudos transaction requires the coordination of a large variety of stakeholders, including multiple regulators, and DARAG is pleased to yet again showcase our ability to create comprehensive and secure products that cover outstanding liabilities and lift capital burdens on our clients.”
New Nordic CEO, Nicolai Borcher Hansen, said: “DARAG’s tailor-made and flexible solutions during the restructuring process enable New Nordic to focus on its core strategy. With a prudent solution to Qudos’ liabilities, we are very pleased to be able to offer security and DARAG’s claims expertise to policyholders.”