Quinn Direct: forced market exit presents opportunities for competitors Insurance News Net (press release)
Mar 31, 2010 (Datamonitor via COMTEX) -- Following concerns about its solvency raised by the Irish Financial Regulator, the High Court in Ireland has forced Quinn Insurance to stop writing new UK business. This will create potential growth areas for new or existing players, especially within the UK private and commercial motor insurance market, as well as the UK liability insurance market, where the Irish group has a strong foothold.
On March 30, 2010, the High Court in Ireland forced Quinn Insurance Group into provisional administration. The move came as a result of concerns about the group's solvency raised by the Irish Financial Regulator. Lawyers for the regulator told the court that subsidiaries of the company had made guarantees regarding the group's assets as they stood in 2005, which have since been reduced by E448m. Consequently, the company is in fact in a position where it has E200m of liabilities over assets.
The group's UK division, Quinn Insurance UK, sells products
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