In answer to the question from SRD, they can certainly accommodate N regs (or other regs for that matter) although at present the policyholder must be a UK resident.
In answer to the point from Bob Upandown, it is important to identify how the price reductions come about. If it is by simply slashing rates then the loss ratio will come back and bite you. However if it is because of a different business model (i.e. online self service as oppose to traditional broker), then low prices are sustainable.
Cheers,
Bob