Administrators could increase some rates by up to 20%
The Irish Department of Finance has written to the UK Financial Services Authority (FSA) promising that any funding needs at Quinn Insurance’s UK business will be met, Irish website The Post reports.
It has also given commitments that Quinn Insurance will no longer use certain insurance products as ‘loss-leaders’ to attract business.
‘‘Appropriate funding available to assist the administrators perform their role in bringing the company back to a sound commercial and financial footing,” the letter said.
200 jobs to go
The partial opening of business in Britain is expected to lead to a redundancy programme being announced on Friday with up to 200 jobs could lost.
Administrators are preparing to increase the prices of a host of products – by up to 20% - and remove the firm from loss-making business.
Both the FSA and rival insurers are concerned that Quinn could use the administration process to undercut them further.
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