News & Events

Qudos Insurance A/S

Thu Dec 6 2018

Dear Member,

As you are aware, Patrona Underwriting, which operates as a Managing General Agent (MGA) for Qudos Insurance A/S, notified Brokers last week that Qudos entered into solvent voluntary liquidation on 27 November 2018. Yesterday, Patrona communicated alternative insurance options to Brokers holding policies with Qudos Insurance.

Following notification from the Central Bank on 04 December 2018 regarding Qudos Insurance A/S, the CBOI strongly recommended that affected customers contact their Insurance Broker to arrange alternative insurance cover.

Brokers Ireland have outlined some general guidelines for members to consider if you have clients who are currently insured with Qudos:

  • In relation to claims, please refer to the Qudos website re. claims
  • If you have not already done so, advise all clients immediately
  • Take appropriate steps to replace any Qudos insurance policies with adequate cover elsewhere – as advised by CBOI on 04 December 2018
  • Keep a record in writing of all steps you take in regard to these matters noting the nature of the steps taken, the time of them and the manner and content of all communication
  • Remove all Qudos marketing from your websites, collateral and premises
  • Collect and keep securely all Qudos forms and documents of any kind to ensure that they are not used

Brokers Ireland will endeavour to assist members with any queries that you might have on this matter and is liaising with the Central Bank and appropriate authorities in making further enquiries regarding this situation.  We will keep you updated on developments as they evolve.

Kind Regards

Cathie Shannon

Director of General Insurance