UK ban costing Quinn '€1.5m per day'

Quinn Insurance is losing up to €1.5m a day as a result of the ban on writing new business in the UK, staff have claimed.

A business plan to resume trading in the UK, as reported by Insurance Times this week (click: Quinn sets out plan for return to the UK), was submitted to Ireland's Financial Regulator last Thursday but the restriction has not been lifted.

The workers are planning a rally at the regulator's office in Dublin on Friday claiming the ban is not sustainable for the company or the country.

"Northern Ireland/UK business represents over 50% of Quinn Insurance's book and we are losing between €1m - €1.5m per day as a result of not being able to trade in NI/UK," Quinn workers said in a statement.

Quinn staff claimed financial regulator Matthew Elderfield promised the issue would be a priority, but has returned to the administrator for further clarification.

“Following meetings between politicians, administrators, employees and the regulator as well as four hugely supported rallies, a UK/NI business plan was submitted to the regulator on Thursday 8 April by the administrator which supported the case for the reopening of this market.

“A delegation of employees met with Matthew Elderfield on Friday where he informed us he had reviewed the plan and reverted to the administrator for clarification on a few points. We stressed the urgency which was needed to ensure all issues were addressed so we could be trading in NI/UK without further delay.

“He gave us his assurances at that point that the matter was a priority to him and that his team would work around the clock if necessary. However it is now Wednesday 14 April, almost one week after the document was submitted and we still are not trading in the UK.”