Quinn quits indemnity market for solicitors
CAVAN insurance giant Quinn has withdrawn from the solicitors' professional indemnity (PI) market at the eleventh hour.
The Irish withdrawal comes almost three months after Quinn announced it would not be re-entering the UK solicitors PI market, where the insurer lost £20m last year.
Despite abandoning the UK market, legal sources say Quinn had "given every indication" that it would take part in the Irish renewal season which falls in early December.
Yesterday morning, however, the Law Society was told that Quinn, which is the third biggest player in the solicitors PI market, would not be writing policies this year.
"After careful consideration Quinn [has decided it] . . . will not participate in the forthcoming Solicitors Professional Indemnity renewal season," the insurer said last night.
"QIL [Quinn Insurance Limited] will continue to focus its commercial lines activities on its core traditional liability and property risks."
A Quinn spokeswoman said the insurer would be making no further comment.
The withdrawal of Quinn marks the second significant withdrawal from the solicitors' PI market this season, with UK insurance giant RSA also bowing out in recent weeks.