Quinn Group says UK commercial lines ban 'should be reconsidered'
Quinn Group has attacked the Irish financial regulator's decision to ban its re-entry into UK commercial lines business.
The Irish company says the ban 'should be reconsidered', especially as commercial was its most profitable line before the admistrators shut down trading. The ban will be a 'huge disappointment to the many customers' of Quinn, the board said.
Quinn said it has 'no issue with liquidity' and is 'trading robustly', despite the Irish regulators concerns that the group didn't have enough capital to support a re-entry.
In a statement issued late yesterday, the board of Quinn Group said: “The announcement today will be a huge disappointment to the many customers, particularly in the SME sector, who insure with QIL (Quinn Insurance Limited) in the UK and Northern Ireland and have been very supportive of the company for many years.
“The Financial Regulator today has cited lack of available capital which we understand has resulted from an assumed subsidiary asset value of zero.
“This is despite the fact that the assets referred to remain in place, with no call from the group’s financiers before or since administration and no indication that such demand is expected in the future.
“It is also despite the fact that, as per the administrator’s recent statements, the company is trading robustly and has no issue with liquidity.”
The regulator initially barred Quinn from writing any new business in the UK, but then allowed the administrators to continue with UK motor. Quinn Group was put into administration on March 30 this year.