Quinn predicts "significantly lower volumes" of private motor business
Quinn Insurance says its re-entry into the UK private motor market will be impacted by "significant pricing changes" which could result in it writing less business than expected.
It is believed that one of the terms of yesterday's decision by the regulator to allow Quinn Insurance - still in administration - back in to this sector of the market is that it increases rates by around 20%, and removes loss-making business.
In a statement, the Irish insurer said: "Quinn Insurance Limited (QIL) is pleased to announce that, following a decision by the Financial Regulator, it will be re-entering the UK private motor insurance market for full licence drivers.
"This means that we are now open for business for all private motor drivers in the UK (including Northern Ireland) which accounted for a significant majority of our UK business pre-administration."
"However the re-entry into full licence drivers incorporates significant pricing changes which we believe will lead to significantly lower volumes than were previously written by QIL in the UK private motor market.
"Nonetheless this is an important step in the process of ensuring the return of QIL to a sound financial and commercial footing."
Quinn added that it is continuing talks with the Financial Regulator over the potential reopening of other business lines.
"We now look forward to again providing a full range of cover to private motor customers in the UK and especially being in a position to offer renewal terms to existing customers," it said.
"The company would like to acknowledge the support of all stakeholders, in particular our staff, for their efforts over recent weeks as we sought to secure the future of our UK business."