FSA 'working closely' with Irish regulators over Quinn

The FSA has said it is working closely with the Irish regulatory authorities following the news that Quinn Insurance has gone into administration.

The FSA’s statement follows the announcement by the Financial Regulator in Ireland that Quinn Insurance Limited has been placed into provisional administration. Following an application to the High Court joint provisional administrators have been appointed.

Quinn is based in Ireland and the lead regulator is the Irish Financial Regulator, which the FSA has said it is working closely with the Irish authorities.

Quinn’s UK branch, Quinn Insurance Limited (UK) or Quinn Direct, specialises in motor and professional indemnity insurance and has now closed to new business.

The Irish regulator has confirmed that existing policyholders in the UK will continue to be covered. Customers of the firm can continue to make claims and should continue to pay direct debits and premiums in the normal way.