Business plan for UK bid not yet approved by regulator

Quinn will have to increase rates on some commercial lines by up to 3,000% if it is to return to the UK, a source close to the Irish financial regulator has confirmed.

The insurer’s administrator, Grant Thornton, said that no final decision had been made on the percentage increase. It submitted a business plan outlining Quinn’s case for writing commercial business in the UK to the Irish financial regulator Matthew Elderfield last month. A spokesman said: “The business plan does have some price increases within it, but those plans have yet to be approved by the regulator. Until the regulator approves of any of those plans, there is no point in speculating on what any price increases might be.”

To date, no final decision has been made on a timeframe for the insurers’ full-scale re-entry to the UK, with the administrators claiming “the ball was firmly in the Irish financial regulator’s court”.

The administrators have confirmed that an investment bank is to be appointed this week to oversee the sale of Quinn Insurance.