The Central Bank and Financial Regulator have upheld their decision to stop Quinn Insurance Limited from restart writing commercial insurance in the UK.
They concluded that Quinn is not in a position to provide the required additional capital but has indicated that consideration may be given to reviewing this decision in future once additional capital and appropriate solvency levels have been attained.
QIL have confirmed that its UK employees will be redeployed into other areas and that there will be no further job losses as a result of this decision.
The decision does not affect Quinn's private motor insurance in the UK or its general insurance business, including its commercial insurance business, in the Republic of Ireland.
Settlement of claims on existing UK commercial business will continue as normal.