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DARAG, New Nordic to buy two portfolios of Qudos Insurance in first joint deal
DARAG and New Nordic Advisors will purchase two portfolios of Qudos Insurance, the control of which New Nordic acquired in 2017 through a joint cell structure.
The transaction, which is subject to the approval of the Danish and Maltese regulators, is the first since DARAG and New Nordic formed a strategic partnership in March.
This is the first in what is expected to be a series of joint cell transactions, where DARAG and New Nordic combine forces to deliver a holistic solution to clients.
By leveraging New Nordic’s expertise in Solvency II optimised investment strategies and DARAG’s unrivalled expertise in legacy liability management, the partnership will see the two entities working closely together in a number of project areas, including the provision of legacy and capital relief solutions, active business and restructuring solutions.
New Nordic CEO Nicolai Borcher Hansen said: “The team at New Nordic Advisors is delighted to have negotiated, on behalf of Qudos Insurance, the first in a series of portfolio transfer agreements with DARAG, signifying the deepening of the strategic relationship between our firms. This transaction catalyses the restructure of Qudos Insurance into a lean Scandinavian-focused insurance company.”
DARAG executive chairman Stuart Davies said: “As DARAG has continued to grow, we have remained true to our client focused approach of delivering bespoke solutions that enable them to concentrate on their core business.
“The conclusion of our first transaction demonstrates the strength of the strategic partnership we have forged with New Nordic and the new capabilities we are bringing to the disposal of our clients. I am looking forward to working closely with New Nordic as we continue to build out our specialist joint offering.”
DARAG M&A head Alex Roth said: “The DARAG team is delighted that the first transaction of our partnership is concluded. Our joint cell in Malta is the perfect home for these types of portfolios giving unrivalled access to our clients, via our partnership with New Nordic, to meaningful capital solutions.”
Source: Company Press Release