Quinn withdraws from Irish professional indemnity market

After an eleventh-hour announcement, Ireland-based insurance giant Quinn has decided to withdraw from the Irish professional indemnity insurance market.

Three months prior to this new announcement, the Cavan-based insurer made the announcement that it would be exiting the British professional liability insurance market.  The insurer reportedly lost £20 million in 2009 from its involvement in the market.

Despite this abandonment of the British business liability insurance market, insider experts had been reasonably certain that Quinn would be taking part in the renewal season for the Irish market after the insurer had given indications that it would be ready for the early December renewal date.

However Quinn just recently told the Law Society that it would decline to write any policies in December 2010.  Previously to its exit from the market, Quinn was the third largest player in the business insurance market.

The insurer issued a statement in which it declared that it has made the decision to decline its participation in the impending renewal season for the professional indemnity insurance market.

Stating that it had carefully considered the matter, Quinn added that it will be continuing to focus on activities in its commercial lines on its traditional property and liability risks. Quinn stated that such lines were a core component of its business.

Quinn declined to comment further on the matter after their spokesperson issued their statement regarding their exiting from the Irish market.

With Quinn’s significant withdrawal from the solicitors’ professional indemnity market just a month from the 2010 renewal date, this marks the second instance that a large firm has bowed out recently; UK insurance firm RSA, like Quinn, also announced that it would be exiting the market just a few weeks ago.

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