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Statement from Board of QUINN-Insurnace Limited
The Board of Directors of QIL announce that it has been decided to withdraw its objection to the petition for the appointment of Joint Administrators to the Company.
Jim Quigley, Chairman of QIL, said:
"This decision has been taken after very careful consideration. We have concluded that, given what has happened, it is in the best interests of the Company, our employees and policyholders that, as a matter of urgency, we work closely with the Administrators and the Financial Regulator to get the situation resolved as quickly as possible. In particular, we would hope that working together we can find a way to re-commence business in the United Kingdom."
A spokesman for Quinn Group Limited said:
"Quinn Group fully supports the decision of the QIL Board and looks forward to working with the Administrators and the Financial Regulator to find a constructive solution for all stakeholders and in particular our employees. We continue to pursue a number of options and are confident that a solution will be found to secure the long term future of the business".
15 Apr 2010
