Insurer claims Financial Regulator's assumptions were "incorrect"

Quinn has told the Financial Regulator it ‘entirely disagrees’ with its decision to stop Quinn Insurance writing business in the UK.

Sean Quinn's company said that unless the decision is reversed, it would be “immensely damaging to the future prospects of QIL.”

Quinn also accused the Financial Regulator of miscalculations amid claims the insurance division has a €448m black hole.

It said: “Quinn Group is in the process of negotiating a refinancing which would have addressed the concerns of the Regulator, and we and our financiers remain confident that this will be achieved. Therefore, the Regulator’s analysis that these guarantees give rise to a €448m liability is totally incorrect. The Regulator's demand that the guarantees be released was therefore unnecessary, and not practical in the time which he allowed.”

It goes on to say that it believes the regulator made the wrong decision. “We do not believe that his decision was in the interests of any of the relevant stakeholders – Quinn Group, its staff, its customers or indeed the Irish Exchequer, which has received well in excess of €1bn in tax from Quinn Group since it was established in 1973.

“Indeed, we note that yesterday was marked by significant announcements in relation to the Irish economy and the banking sector, and it is highly ironic that, on that same day, the regulator's action was taken in respect of one of the most successful Irish companies, providing crucial jobs in the export sector.”

Download Quinn's statement in full, right.