The administrators of stricken Irish firm Quinn Insurance have submitted a new business plan to the Irish financial regulator that may allow the company re-open its commercial insurance lines in the UK.

Michael McAteer, one of the joint administrators from Grant Thornton, said the plan was submitted late last week and should address concerns the regulator had about the operation.

He said hopes to resume new business in the next week or two.

Quinn has around 1million customers, including equestrian centres in Ireland and the UK.

A spokesman for the insurance company said: “Quinn Insurance Limited has currently ceased writing business in the UK and Northern Ireland but existing policyholders are not affected by this decision as existing policies remain valid.

“Customers can make claims in the normal way.”

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