Quinn quits UK lawyers' indemnity business
QUINN Insurance yesterday definitively quit the brutal UK solicitors' professional indemnity market, where the Cavan insurance giant is believed to have lost more than £20m (€24m) last year.
The solicitors' professional indemnity market was so bloody that the insurer's administrators made no effort to convince the Financial Regulator to allow them to resume writing that business, even though they appealed for the lifting of a ban on the rest of the UK book.
In a statement, Quinn Insurance Limited (QIL) confirmed it "will not be re-entering the Solicitors' Professional Indemnity Insurance market in England and Wales this year".
UK solicitors have until October to find new cover. QIL's share of the solicitors' professional indemnity market in the UK is estimated at about 10pc, concentrated amongst smaller firms and practitioners.
Meanwhile, the Financial Regulator is continuing to mull over the administrators' proposals for QIL to be allowed to re-enter other commercial insurance lines in the UK.
The plans, which have been with the Regulator since May, are understood to include hikes of as much as 2,000pc in some of QIL's UK premiums.
The Regulator has repeatedly declined to give a timeline on a decision on those proposals, and it now appears that the UK situation may not be resolved until QIL has a new owner.
About four bidders are eagerly awaiting an information memorandum so that they can prepare detailed bids.