One large, unnamed commercial client retains Quinn cover despite ban
Quinn Insurance regulators have said Quinn’s UK motor insurance business had done well and the regulator had allowed Quinn to provide commercial insurance to one large, unnamed client, the Irish Independent reports.
Quinn UK has redeployed 46 employees who were involved in the closed down commercial insurance business. The Irish regulator last month barred Quinn from reopening its UK commercial lines.
Court hearing
High Court, Mr Justice Nicholas Kearns, was told Financial Regulator, Matthew Elderfield, has been given the findings of the joint administrators' - Michael McAteer and Paul McCann - investigation into Quinn’s alleged breaches of insurance regulations.
Bernard Dunleavy, for the administrators, said Quinn would not need the Insurance Compensation Fund, set up by the Government to protect policyholders in the event that an insurer could not meet its liabilities.
Quinn’s sale is in its second stage, in which Quinn's non-executive directors were to be replaced with independent directors. More than 800 redundancies required from the workforce in 2010 will be achieved through voluntary redundancies and natural wastage.
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