Quinn insurance goes into administration

[colm_mcm]

One of the last companies that will touch FTOs. Hope this doesn't change that.

The High Court has appointed two joint provisional administrators to the Quinn Insurance Group.

Mr Justice John Cooke made the order following an application by lawyers on behalf of the Financial Regulator.

The application was made under the 1983 Insurance act.


Michael McAteer and Paul McCann from Grant Thornton have been appointed by the High Court to act as the two joint provisional administrators.

They have been instructed to begin their work immediately.

The court heard the Regulator took this action following serious concerns about the way the group was managing its affairs.

The development means the administrators will run the business as a going concern under different management in the interest of policy holders.

The Regulator now has an on-site presence in the company's offices.

The administrators will run only the general insurance businesss and Quinn's life insurance business remains unaffected.

[soc]

http://www.irishtimes.com/

to another crazy day in Irish modern history.

Topics merged (colm_mcm)

[Dilogoat86]

I wonder how this would effect us....in actual terms.

Seems like insuring Banks is a bad idea. They insured Anglo Irish bank and had to pay their fine last year. Ha!

[colm_mcm]

If the administration isn't successful I'd imagine they'll break up the different parts like commercial, motor, health etc and they'll be absorbed into other companies with different ideas on what cars they insure,
hopefully that doesnt happen

[belfastman]

Are we all fooked now then?

[Dilogoat86]

No no, it's business as usual. They are only being inspected...they haven't been put into liquidation or anything like that.

[mcgon1979]

Consumers were last night warned that they faced having a levy imposed on all insurance premiums as a result of the High Court move to put Quinn Insurance into administration.

Wonderful.

[mcgon1979]

No no, it's business as usual. They are only being inspected...

bit more serous than that. The financial regulator is effectively in control of Quinn now. They have ceased new policies in the UK after discovering half a billion hole in the companies finances. This will ultimately cost all of us Quinn customers or not. More than a quarter of the country is covered by Quinn Health, so again, it cannot be let fail, so we will fill that hole right up, and in return the govt. will direct how the company is operated.

[gfalls]

No no, it's business as usual. They are only being inspected...

bit more serous than that. The financial regulator is effectively in control of Quinn now. They have ceased new policies in the UK after discovering half a billion hole in the companies finances. This will ultimately cost all of us Quinn customers or not. More than a quarter of the country is covered by Quinn Health, so again, it cannot be let fail, so we will fill that hole right up, and in return the govt. will direct how the company is operated.

They couldn't direct a p!ss up in a brewery....We're all doomed, I tells ya, DOOMED..!

[mcgon1979]

the truth starts to come out now....
Quinn owe Anglo 2.8billion euro, but they want it written off and don't wanna pay back a fraction of it. thats why the govt. stepped in.

http://www.irishtimes.com/newspaper/fin ... 51537.html

[Uncle B]

If my insurance takes a hike I think I might be out fellas

[belfastman]

I was told by an owner if quinn are in sh...te he is going to claim on his insurance .get the work done just before his insurance runs out.........He says he does not want to be left in the lurk looking for insurance for his import...................

[StewyD32]

I was told by an owner if quinn are in sh...te he is going to claim on his insurance .get the work done just before his insurance runs out.........He says he does not want to be left in the lurk looking for insurance for his import...................

Isn't that a bit stupid as quinn is the one of few insurance companies to insure FTOs and the others that do are asking for insane money with stupid excess like €4000. And if he does claim his insurance will just go up even more.

Pointless doing that if you ask me