Insurer’s British dealings a concern for some time

THE stability of the British operations of Quinn Insurance has been a cause for concern amongst industry players for some time.

According to the Financial Times, a number of London-based insurance companies have voiced concerns to the British regulator – the Financial Services Authority (FSA) – “over a number of years” that Quinn Insurance (UK) was “unsustainable” as no insurer could remain viable when charging premium rates often significantly lower than its rivals, over an extended period.

While an FSA spokesperson refused to comment on whether it received any complaints, they said that in matters where it couldn’t fully regulate non-British owned companies, such as liquidity issues, it does pass on concerns to the regulator in the company’s home market.