The Irish regulator and the Central Bank have confirmed an earlier decision that prevents Quinn Insurance writing commercial insurance in the UK.
A statement from the troubled Irish insurer said: “This decision does not affect Quinn’s consumer (private motor) business in the UK or its general insurance business including its existing commercial business in the Republic of Ireland. Settlement of claims on existing UK commercial business will continue as normal.”
The statement added that the insurer had submitted a number of proposals to the Central Bank and Financial Regulator for review but that it was concluded that the proposals “required additional capital that the company is not in a position to provide”.
“Quinn Insurance however confirms that despite this outcome, and due to the strong underlying performance of other divisions within QIL, those employees working on UK commercial insurance will be redeployed into other areas and that there will be no further job losses as a result of this decision.”