Qudos Insurance A/S Update

Quodos

To all Murray & Spelman customers who were insured with Qudos Insurance A/S through Patrona Underwriting Ltd

Patrona confirmed on 20th December 2018 that Qudos had been formally placed in to an insolvent liquidation. What this means is that Qudos are unlikely to have sufficient funds to meet their liabilities.

As per our previous customer notices, it is important to note that all Patrona (Qudos) policies have already been moved to alternative insurers, with no change in terms & conditions, renewal date or premium costing.

In terms of Qudos, and any claims outstanding with them, please take note of the following statememt we received today from Patrona which provides detailed information on the current position;

“On Tuesday 18th December 2018 Patrona Underwriting Limited applied to the Maritime and Commercial High Court of Denmark to have Qudos Insurance A/S in liquidation placed into bankruptcy. On the 20th December 2018, the Danish Court issued an order providing for the immediate bankruptcy of Qudos Insurance A/S.  We took this action to protect the interests of Irish policyholders as we had not received any positive communication from the Liquidators in what was stated to be a solvent liquidation from Qudos Insurance A/S, within previously stated timeframes, in relation to the payment of claims. On the 1st January 2019 a change in Danish law will take effect which would have meant that the liabilities for outstanding claims would have passed to the Irish Compensation Fund. Qudos having entered bankruptcy prior to this date now means that qualifying Irish consumers may apply to the Danish Guarantee Fund for compensation. The levels of compensation for qualifying policyholders offered by the Danish Guarantee Fund substantially exceed those available from the equivalent Irish scheme. Through this action Irish consumers have avoided the costs of such claims and the need for additional premium levies to be applied”

Should you have any queries whatsoever please do not hesitate in contacting a member of the Murray & Spelman team in our Galway or Naas offices. The Patrona website also provides advices on the position http://www.patrona.ie/