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Statement from QUINN-group - adjournment of hearing
We are pleased to note the adjournment of the hearing today in relation to the permanent appointment of Administrators to QUINN-Insurance Limited (QIL).
We are hopeful that this will provide time to progress meaningful discussions towards an overall resolution. Notwithstanding recent issues, we believe the underlying QIL business is profitable and that the operations model is robust, having brought much needed competition to the market and improved service levels to consumers.
The QUINN-group believes that it is in the best interests of all stakeholders and primarily the Policyholders and staff that this model is allowed to continue in whatever solution emerges. In particular we would urge the reopening of business in the UK as a matter of urgency in order to ensure sustainable future employment and preserve value in QIL.
The QUINN-group will continue in its efforts to find an overall solution that secures the long-term position of the business and that of its employees who have been so supportive to the Company, the Group and the Quinn Family in recent weeks.
12 Apr 2010
