Administrators’ proposals submitted to Financial Regulator
Administrators for Quinn Insurance have submitted a new business plan to the Financial Regulator asking to re-open its commercial insurance lines in the UK, the Irish Tribune reports.
Michael McAteer, one of the Grant Thornton administrators, said he was hopeful the Financial Regulator would allow Quinn to resume new business in the next week or two.
The company's UK professional indemnity book, which insures about 3,000 solicitors, will remain closed in the short term. McAteer said the policies aren't due to be renewed until October and a decision on whether to seek to have that line reopened would be made nearer the time.
UK would have shut down Quinn
Financial Regulator Matthew Elderfield told the Dáil (parliament) last week that had he not stepped in to close the UK division to new business the British Financial Services Authority would have.
He confirmed discussions with 40 interested buyers including Allied Irish Bank (AIB). "Anglo is talking to us but nothing has happened. Nothing can happen without us knowing about it,” he said.
“The only way the company can come out of administration is by us taking an application to have ourselves removed and the only way we can do that is if we can satisfy the court that the reasons for going into administration are no longer valid," McAteer said.