DARAG, New Nordic acquire Danish portfolios in first joint deal
European run-off specialist DARAG and asset manager New Nordic Advisors have acquired two portfolios of Denmark-based Qudos Insurance, the control of which New Nordic acquired in 2017 via a joint cell structure.
The transaction is subject to approval from the Danish and Maltese regulators.
In March 2018, DARAG formed a strategic partnership with London-based New Nordic Advisors to join forces in a number of project areas including the provision of legacy, capital relief solutions, active business and restructuring solutions.
The two companies are expected to make a series of joint cell transactions leveraging New Nordic’s expertise in Solvency II optimised investment strategies and DARAG’s expertise in legacy liability management.
“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," said New Nordic CEO Nicolai Borcher Hansen. “This transaction catalyses the restructure of Qudos Insurance, into a lean Scandinavian-focused insurance company.”
Stuart Davies, executive chairman of DARAG, 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.”
Alex Roth, head of M&A at DARAG, added: “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.”
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