Quinn must up prices 3,000%

Quinn Insurance must raise some of its UK commercial insurance premiums by 3,000% to secure regulatory approval to re-enter the market, the Irish Tribune reports.

Quinn was running some lines as substantial loss-leaders to boost its market share. Other lines were priced to undercut rivals by a much smaller amount. Quinn's UK arm generated losses of €44m in 2009, with the commercial lines making an underwriting loss of €28m of the total.

The Financial Regulator said: “While the proposals are being promptly considered, our deliberations on this matter will take some time as there is a considerable amount of actuarial analysis and other considerations involved.”

It will also have to consult the UK Financial Services Authority.

The administrators have yet to submit plans to re-open its professional indemnity lines.