Quinn Insurance, the Irish insurer currently in administration, looks destined to be sold following a statement from its parent company Quinn Group issued last week.

Quinn Group said it had concluded that it ‘should consider selling Quinn Insurance’ in the interests of Quinn Insurance employees and other stakeholders.

Quinn Group chief executive Liam McCaffrey said: ‘Since the appointment of provisional administrators on 30 March and the confirmation of their appointment on 15 April, the group board has been considering a number of options but has now reluctantly concluded that, in view of the funding required to meet the solvency requirements laid down by the Financial Regulator, the future of Quinn Insurance is probably best protected under new ownership.

‘Accordingly, we will be working closely with the joint administrators to see if this objective can be achieved in as short a time as possible with the hope that this will protect the maximum number of jobs.

‘Quinn Insurance has a robust and profitable business model with a skilled and loyal workforce. However, prolonging the situation is not in anyone’s interest and that is why we have reached this decision.’

Quinn Insurance provides professional indemnity insurance to 2,911 UK law firms and sole practitioners.

Law Society chief executive Desmond Hudson said: ‘The Law Society is monitoring the situation closely in the interest of solicitors, and will continue to do so as the situation develops.’

A Solicitors Regulation Authority spokeswoman said the regulator would also be monitoring the situation closely.