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UK setback for Quinn

QUINN Group said that it is "very disappointed" by the Financial Regulator's decision not to allow Quinn Insurance Limited (QIL), which is in administration, to write new commercial business in the UK.

The Central Bank and Financial Regulator said the company did not have enough capital to resume writing business in the UK commercial insurance sector.

It said this conclusion was reached after a detailed review of proposals by the company's administrators.

"The Financial Regulator today has cited lack of available capital which we understand has resulted from an assumed subsidiary asset value of zero," the group said in a statement.