Irish regulator investigates Quinn
The Irish Financial Regulator has directed Quinn Insurance to cease writing new business in the UK.
As reported by Insurance Age, following an application by the Financial Regulator, the High Court has today (30 March) appointed joint provisional administrators to Quinn Insurance.
The Financial Regulator said it has taken this action in the interests of the firm’s policyholders.
In a statement, the regulator said: "Irish policyholders of Quinn Insurance Limited can continue to renew policies, carry out new business and make claims in the normal way.
"The appointment of joint provisional administrators will better protect policyholders. It will allow the firm to remain open for business, to continue to be run as a going concern under different management and to put the business on a sound commercial and financial footing.
"The Financial Regulator has an onsite presence in the firm to oversee its actions and to work with the new management. At the same time the Financial Regulator has commenced an investigation into certain matters within Quinn Insurance that have very recently come to light."
In addition, the Financial Regulator has separately directed Quinn Insurance to cease writing new business in the UK. Existing UK policyholders will not be affected by this decision as existing policies will remain valid. Customers can make claims in the normal way.
The regulator said: "The effect of this action is to prevent Quinn Insurance Limited suffering further financial losses from its currently unprofitable UK business."
These actions do not apply to the Quinn Life business, which is a separate entity. It is unaffected by these measures.
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