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Quinn Insurance still under pressure

Despite the fact that the regulator has performed something of a partial U-turn and will now allow Quinn Insurance, the troubled Irish insurance company, to partially re-enter the UK insurance market there are fears regarding those employed by the company. It seems inevitable there will be job cuts and this figure could be as high as 1,000 jobs if as expected the company is banned from further involvement in the Irish insurance market and the partial re-entry to the UK sector is not widen.

Mystery still shrouds the administration of the Quinn Insurance group although there is a suggestion that the regulators were concerned about the company's solvency prior to the suspension of trading. Even though the lifting of the UK ban is welcomed by the group it will still only allow the company to write new insurance cover for provisional licence holders which is just 10% of the company's UK business. In simple terms, the Quinn Insurance of yesteryear is no longer and any profitable operations within the group are likely to be sold off sooner rather than later.

This has been a devastating blow to Sean Quinn, the founder of Quinn Insurance and other Quinn Group operations, with initial hopes that the regulator would change its mind now all but gone. The company has gone from the top of the UK insurance tree to the very bottom in just a matter of days!

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