Quinn Insurance forced into administration
Published: 31 March, 2010
IRELAND: Quinn Insurance, one of Ireland's largest financial institutions, has been forced into administration after the Irish financial regulator admitted it was concerned about how the company was being run.
Quinn Insurance Group, which has offices in Cavan and Enniskillen, is owned by Sean Quinn. The company also operates Quinn Insurance UK.
The regulator ordered this section of the company to stop writing new business in the UK. Existing UK policyholders – among them many merchants – will not be affected by this decision as existing policies will remain valid. "Customers can make claims in the normal way," the regulator said.
"The effect of this action is to prevent Quinn Insurance suffering further financial losses from its currently unprofitable UK business.
"The appointment of joint provisional administrators will better protect policy-holders,” said the regulator.
It will allow the firm to remain open for business, to continue to be run as a going concern under different management and to put the business on a sound commercial and financial footing."
Motor insurer Quinn Direct has closed to new business after parent Quinn Insurance was placed into 'provisional' administration.