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Member, Beacon International Group, Ltd.
CAVAN, IrelandIreland’s financial regulator on Monday rejected a request by Irish insurer Quinn Insurance Ltd. to resume underwriting commercial lines business, deciding that Quinn has insufficient capital to re-enter the market.
The Central Bank and Financial Regulator placed the Cavan, Ireland-based property/casualty insurer under administration earlier this year after it was determined that Quinn had overstated its financial strength by €450 million ($607.3 million).
In a statement, the regulator said Quinn Insurance “would require additional capital in order to recommence writing business” in the commercial lines market. “This capital is currently unavailable to Quinn.”
Quinn continues to write private automobile insurance in the United Kingdom and general insurance in the Republic of Ireland after regulators decided in April that the insurer could resume that business.
Late last week, Quinn said unaudited accounts show it had an overall underwriting loss of €127 million ($181.8 million) last year, but also said it is earning an underwriting profit this year.