Quinn may have to raise commercial rates by 3000% to secure UK re-entry
Quinn Insurance may have to increase rates on its UK commercial premiums by 3000% to secure regulatory approval to re-enter the market.
According to the Sunday Tribune, Quinn's UK arm generated losses of €44m in 2009, with the commercial lines making an underwriting loss of €28m of the total as it sought market share.
Sources told the Irish newspaper that the UK commercial lines needed to be "significantly repriced" to gain regulatory approval.
"While the proposals are being promptly considered, our deliberations on this matter will take some time as there is a considerable amount of actuarial analysis and other considerations
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