Live underwriting has been suspended while a restructure of the business is conducted

Qudos, the Danish insurer which last year pulled from swathes of UK motor business, has ceased underwriting new business.

Owners New Nordic Advisors announced the decision while a full restructure of Qudos is conducted. 

New Nordic had been in a dispute with former Qudos owners Echelon Insurance over the state in which the insurer was sold to them in March 2017.

In November 2017 it cut back its presence in UK motor to just one binding authority agreement after making losses in the competitive business line.

New Nordic will continue the restructuring project with the aim of re-launching the live underwriting platform following a comprehensive audit. 

The restructuring project will continue in conjunction with leading legacy specialists.

Nicolai Hansen, chief executive of New Nordic, was optimistic there was still opportunity in the insurance market for a well-structured business.

He added: “At New Nordic, we are committed to strengthening our participation in the insurance market while always unflinchingly acting in our investors’ best interests.

“Our ambition to create innovative, interconnected insurance products remains core to our strategy. 

“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.”