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No re-entry into UK professional indemnity market for Quinn

22 April 2010

Quinn, the troubled Irish insurer, has been allowed to trade again in the UK following a decision by the Financial Regulator yesterday.

The company will be able to write motor insurance cover for drivers with a provisional licence but it has not been allowed to re-enter the UK professional indemnity market.

The Irish regulator said the decision was taken “after careful consideration and analysis of information provided by the administrators in relation to improvements in the company’s underwriting model and significant strengthening of its pricing structure”.

In a statement, Quinn said the limited re-entry into the UK market was “an important development for Quinn Insurance as the UK market has been a core part of the business for the past five years”.

“The company’s business model of efficient operations, pro-active claims approach and a targeted approach to selective customer segments offers the opportunity of sustainable profitability.”

“The company would like to acknowledge the support of all stakeholders for their efforts over the recent weeks as we seek to secure the future of our UK business.”

Quinn was placed in provisional administration by the Irish High Court on 30 March, with instructions that it should cease writing new business.

Administration was confirmed on 15 April after the company withdrew objections to the regulator’s application that it should be placed in permanent administration.

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