Injection to help former Quinn meet Solvency II requirements
Irish insurer Liberty Insurance, formerly known as Quinn Insurance, has received a €40m (£34.6m) cash boost from US parent Liberty Mutual, The Times reports.
Liberty director of personal lines Deirdre Ashe told the paper that the new capital would help the Irish insurer meet its capital requirements under Solvency II, which came into force on 1 January 2016.
She added that the injection was part of a planned schedule of investment.
The Times said regulatory fillings showed that Boston, Massachusetts-based Liberty Mutual had injected cash into its Irish subsidiary late last month.
The former Quinn is one of several companies that has had to raise fresh solvency capital for Solvency II purposes. Last week Insurance Times revealed that Gibraltar-based Markerstudy’s shareholders had injected tens of millions of pounds of solvency capital during 2016.