Quinn 'pleased' with High Court decision to adjourn administration hearing

The Quinn Group wants its ban on writing UK insurance business lifted "as a matter of urgency."

In its response to today's decision by the High Court to delay the Financial Regulator's attempts to have Quinn Insurance (QIL) put into full administration, Quinn said: "We are pleased to note the adjournment of the hearing today in relation to the permanent appointment of Administrators to QIL.

"We are hopeful that this will provide time to progress meaningful discussions towards an overall resolution. Notwithstanding recent issues, we believe the underlying QIL business is profitable and that the operational model is robust, having brought much needed competition to the market and improved service levels to consumers.

"The Quinn Group believes that it is in the best interests of all stakeholders, and primarily the policyholders and staff, that this model is allowed to continue under whatever solution emerges. In particular we would urge the reopening of business in the UK as a matter of urgency in order to ensure sustainable future employment and preserve value in QIL."

It concluded: "The Quinn Group will continue in its efforts to find an overall solution that secures the long-term position of the business and that of its employees who have been so supportive to the company, the group and the Quinn family in recent weeks."