Agreement between Irish and UK regulators to restart Quinn
Ireland’s Financial Regulator says detailed discussion with the UK’s Financial Services Authority (FSA) have allowed it to permit to Quinn Insurance to begin writing motor insurance in the UK.
The ruling permits the re-opening of private motor business – both new business and renewals.
The Irish Independent warned that job losses would still follow and predicted the number would be at least 900 and possibly 1,000. It said Quinn administrators from Grant Thornton says the UK business is making losses and needs to cut costs.
Cavan job cuts
Administrators are expected to directly address staff at Cavan this afternoon. The Government is also expected to promise to help workers who take redundancy.
Quinn Insurance is losing 2,000 customers a day since the regulator imposed the restrictions on its operations in the UK, workers told an Oireachtas (parliament) Committee yesterday.
Five representatives of the 2,800 Quinn Insurance employees said that a total of 62,000 customers have been lost in the past month -- based on an analysis of the 1.3m clients at the company.