Saturday 23 September 2017

Quinn talks intensify as jobs in the balance

John Mulligan

John Mulligan

EFFORTS to have the UK market reopened fully to Quinn Insurance are expected to intensify today and tomorrow as the provisional administrators of the company gear up to axe about 200 jobs this week.

It's understood that discussions between the Irish Financial Regulator's office and Quinn administrators, Michael McAteer and Paul McCann of accountancy firm Grant Thornton, will continue to examine the reopening of the UK market to most of the products sold by Quinn Insurance.

The UK's Financial Services Authority (FSA) will also be key to the talks as the FSA is understood to have reservations about a full return to the UK market by Quinn Insurance. The company had been forced by the Financial Regulator's office here, which is headed by Matthew Elderfield, from writing or selling new products in the UK after concerns were expressed about the financial strength of the firm.

A partial relaxation of that ban was allowed last week, when Quinn Insurance was allowed to start selling insurance to holders of provisional licences.

But that business only accounted for about 10pc of Quinn Insurance's revenue.

If Quinn Insurance fails to secure approval to fully re-enter the UK market this week, it's been speculated that as many as 1,000 employees ultimately could lose their jobs.

Irish Independent

Editor's Choice

Also in Irish News