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Quinn insurance in move to re-open UK arm

Quinn insurance, the Irish insurance company currently under investigation by the financial regulator, will today make moves to reopen its UK operation which was barred from writing new business last week. The move comes as founder Sean Quinn continues his battle with the regulator in an attempt to reopen parts of his business, which has struggled since intervention by the financial regulator.

The authorities have promised to give prompt consideration of the request to open the UK arm and we should hear something sooner rather than later. It is still not clear why the group as a whole was suspended by the FSA and what irregularities the authorities are said to have found when investigating the operation. The claim that the company is still profitable and able to trade is another bizarre situation because if this is the case why did the FSA not just instigate a fine for any alleged irregularities?

In a surprising U-turn by the company it was revealed that an objection to the appointment of administrators for the Irish operation was dropped yesterday and permanent administrators to Quinn insurance were appointed by the High Court in Dublin. What more twists and turns can we expect from this saga?

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