Quinn given green light to write some UK business

The Irish Financial Regulator has allowed Quinn Insurance to write motor insurance cover for provisional driver licence holders in the UK and Northern Ireland.

The regulator said the decision was taken after careful consideration and analysis of information provided by the administrators of Quinn Insurance in relation to important improvements in its underwriting model and significant strengthening of its pricing structure.

The regulator said it also worked closely with the Financial Services Authority prior to making its decision.

Quinn Insurance was placed into provisional administration on March 30 and banned from writing UK business. The Quinn Group withdrew its opposition to the appointment of permanent administrators to the insurer last week.

Matthew Elderfield, the financial regulator in Ireland, will continue to work closely with the Quinn Insurance administrators as they try and restore the company to a sound commercial and financial footing.

Financial Regulator's statement:

"The Financial Regulator has today modified the direction issued to Quinn Insurance Limited ‘QIL’ (under administration) on 30th March 2010 to permit the company to write motor insurance cover for provisional driver licence holders in the United Kingdom (including Northern Ireland).

"The Financial Regulator has taken this decision after careful consideration and analysis of information provided by the administrators of QIL in relation to important improvements in the company’s underwriting model and significant strengthening of its pricing structure. The Financial Regulator consulted closely with the United Kingdom’s Financial Services Authority prior to making its decision.

"The Financial Regulator continues to work closely with the administrators of QIL in relation to their obligations to restore the company to a sound commercial and financial footing."