Quinn Insurance, which was put into administration last month, has been re-allowed by the Irish Financial Regulator to sell car insurance to full licence holders in the UK market.

Just over 50 per cent of the company’s 1.3 million customers live in the UK and up until now the Irish regulator was only allowing the insurer to underwrite UK provisional licence holders.

Quinn has warned that although it will be selling to full licence holders once again, it will introduce significant pricing changes so that its volume of UK customers is likely to fall to a great extent.

The insurer commented in a statement: "This is an important step in the process of ensuring the return of Quinn to a sound financial and commercial footing.” The statement went on to say: “We continue to work with the Financial Regulator in relation to the potential of reopening other business lines."

News was leaked yesterday that administrators are likely to announce redundancies at the company. It is expected that 800 jobs in all will be lost in Ireland, 200 of which are believed to be in Northern Ireland.

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