Irish insurer Quinn Insurance has been placed into administration following a High Court application by the Irish Financial Regulator.

The regulator claims the process will better protect policyholders by allowing the firm to remain open for business, and be run as a going concern by new management.

It has also commenced an investigation into allegations related to the management of Quinn Insurance.

Under a directive from the regulator, Quinn has stopped writing new business in the UK, though existing policyholders will not be affected.