Quinn cannot restart British business

QUINN Insurance has been told it does not have enough capital reserves to restart writing commercial business in Britain.

But the board of Quinn Group, which represents the Quinn family and shareholders, said they are “very disappointed” by the decision of the Central Bank and Financial Regulator.

The board said Quinn Insurance is now in its eighth year of selling commercial business in Britain and added that during that time the profitability of this line has historically been over 30% better than other business lines. They said the announcement will be a “huge disappointment” to its British customers.