Insurer expects to write 'significantly lower volumes' of UK motor business
Quinn Insurance could return to the UK broker market after administrators began talks with the Irish Financial Regulator over a re-entry into profitable lines of commercial business.
The administrators – Paul McCann and Michael McAteer of Grant Thorton – submitted a business plan to the regulator, which has now asked for a “very, very detailed” actuarial analysis of Quinn’s UK commercial business. The regulator could make its decision some time next week. It is believed that Biba is watching the situation closely.
Last week, the regulator granted Quinn Insurance permission to begin rewriting UK private motor business. This followed “careful consideration” after it was initially handed a partial re-entry to the market for provisional driving licence-holders only.
Quinn Insurance said it expected to write “significantly lower volumes” of UK motor business after the regulator put pricing restrictions on the business.
For more, read: Quinn puts insurance arm up for sale as 900 staff laid off