Quinn insurance will continue issuing new UK policies until the end of 2012, despite its new owners only buying its Irish operations.
Anglo Irish Bank and US insurer Liberty Mutual announced a takeover of the troubled group six weeks and will initially only acquire Quinn’s Republic of Ireland book of business, but will have the option to buy the UK business arm at the end of 2012.
According to the Irish Independent, Quinn administrators will continue writing new UK business until the end of 2012, to maintain jobs and make the business as attractive as possible for any purchase.
"They've given up huge share in the UK market because they don't want to write unprofitable business," one source told the Independent. "But keeping the UK business going for now has managed to avoid redundancies."
Quinn’s UK business lost €559m in 2009 which prompted the insurer to withdraw from key classes of business including solicitors' professional indemnity insurance.
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