Quinn Insurance in Administration

[Peter Solan the Great]

Quinns pricing isn't within their own control anymore Sprinter which is why the premiums have increased unfortunately. The administrators/ Regulator are now controlling everything including the likes of pricing. 
Like you say, I too would have a worry about QI ability to see out these problems.

PSTG. How exactly is SQ as bad as Sean Fitzpatrick, bertie Ahern. I would like the actually reason why you think this not just a general statement like your above post.

Cheers

I'll be delighted to. He had a major part to play in the debacle that was Anglo Irish. The bank that is at the core of the problems we are facing at the moment. He then mobilised his staff and supporters into order to try and save his own back. Those who fall highest fall furthest. There are also that allegations made in the RT report from Mark Kieser about other financial irregularities.

[supersarsfields]

He made big mistakes with AIB which are more than likely going to cost him his largest and most profitable company. He got in too deep with investments in them but he did not default on any loans that he had taken out and was continuing to pay these loans off which is more that alot of other business men have done over the last two or so years. In fact the majority of his investments were made in AIB based on false figures that he had been given which made the AIB look more profitable than it was. So you'd be doing well to lay th blame of Anglo at his feet.

^{He then mobilised his staff and supporters into order to try and save his own back. Those who fall highest fall furthest. There are also that allegations made in the RT report from Mark Kieser about other financial irregularities}

On the first point. He had nothing to do with the mobilisation of his work force. I can say that without any doubt as I prob know alot more thn most on that side of things. You seem unable to accept that his workforce have a great deal of respect for SQ himself and alot would still go out of their way to help him. And it's not surprising considering he always provided good working conditions and above industrial averages pay for most if not all areas of his businesses.

Have to say, not sure of what allegations Mark Kiesler has reported on but sure why not throw them up here for us to see?

[Peter Solan the Great]

He made big mistakes with AIB which are more than likely going to cost him his largest and most profitable company. He got in too deep with investments in them but he did not default on any loans that he had taken out and was continuing to pay these loans off which is more that alot of other business men have done over the last two or so years. In fact the majority of his investments were made in AIB based on false figures that he had been given which made the AIB look more profitable than it was. So you'd be doing well to lay th blame of Anglo at his feet.

^{He then mobilised his staff and supporters into order to try and save his own back. Those who fall highest fall furthest. There are also that allegations made in the RT report from Mark Kieser about other financial irregularities}

On the first point. He had nothing to do with the mobilisation of his work force. I can say that without any doubt as I prob know alot more thn most on that side of things. You seem unable to accept that his workforce have a great deal of respect for SQ himself and alot would still go out of their way to help him. And it's not surprising considering he always provided good working conditions and above industrial averages pay for most if not all areas of his businesses.

Have to say, not sure of what allegations Mark Kiesler has reported on but sure why not throw them up here for us to see?

Make no mistake about it your a Sean Quinn apologist. Great man to work for all right. His greed and recklessness will very well cost the jobs of all Quinn employees.

[supersarsfields]

Awww good man. Ran out of arguement so just throw in an auld insult. 

Your debating skills would require a brush up.

[muppet]

Awww good man. Ran out of arguement so just throw in an auld insult. 

Your debating skills would require a brush up.

I read somewhere a foreign hack saying we need a new poultry metaphor for Cowen as Lame Duck doesn't quite do it.

I think we need a new term for the likes of PSTG as troll doesn't quite do it.

[Bogball XV]

i was a loyal customer of quinn car insurance for the last ten years, with no claims in that period of time. last week imy insurance was up and Quinn price went up from €470 to €699 and even though the customer service people Sympathized with me they couldn't come down anywhere near last year's price.

I was thankful to quinn 10 years ago as they were the only company to  quote provisional drivers but their renewal price this year was unreal.

From my analysis Quinn insurance will be gone / goodbye in the next six months, how can they keep going if they continue to lose valued customers like myself.

mine went from 440 to 605 and that was with allianz, fbd said the best they could give me was 650 - costs are going up, not sure what the problem is, have heard there's been an increase in spurious claims, but don't know.

[mc_grens]

i was a loyal customer of quinn car insurance for the last ten years, with no claims in that period of time. last week imy insurance was up and Quinn price went up from €470 to €699 and even though the customer service people Sympathized with me they couldn't come down anywhere near last year's price.

I was thankful to quinn 10 years ago as they were the only company to  quote provisional drivers but their renewal price this year was unreal.

From my analysis Quinn insurance will be gone / goodbye in the next six months, how can they keep going if they continue to lose valued customers like myself.

mine went from 440 to 605 and that was with allianz, fbd said the best they could give me was 650 - costs are going up, not sure what the problem is, have heard there's been an increase in spurious claims, but don't know.

I was 600-ish with Quinn, an my renewal was over 800.

I ended up getting 325 with Axa through the postoffice. It was 5 quid dearer than doing it direct with AXA, but the excess was half!

[supersarsfields]

I'd say the fact that Quinns hasn't been able to price as keenly as they would have will prob have a knock on effect on prices across the board. Much like when QI first opened other insurance companies had to cut their costs. Now the opposites happening.

[supersarsfields]

Looks like bad news for Quinns coming out shortly. It'll be bye bye to hundreds of more jobs in the Cavan, Fermanagh areas as a result.  Looks like this American Insurer will be taking over. If it does it'll mean the regional offices will all close. things about to get a bit tougher in that area!!

[orangeman]

Looks like bad news for Quinns coming out shortly. It'll be bye bye to hundreds of more jobs in the Cavan, Fermanagh areas as a result.  Looks like this American Insurer will be taking over. If it does it'll mean the regional offices will all close. things about to get a bit tougher in that area!!

Who is posied to take over ?

[supersarsfields]

Quinn group Press release in response to administrators claim that there was no offer involving Quinn family.

<sup>Anglo/Quinn Family proposal for QUINN Insurance

By way of update and clarification to our employees, customers and supporters, the board of Quinn Group (ROI) Limited would like to confirm that, contrary to recent reports, a detailed proposal by the Quinn family working in conjunction with Anglo Irish Bank which:

•Protects all policy holders;
•Protects employment in Ireland including a vibrant and profitable export service business;
•Ensures continuing competition in the Irish insurance market; and
•Facilitates the repayment of €2.8bn of Quinn family debt to Anglo / taxpayer;
has been with the board of Anglo Irish Bank and available to the relevant departments of the Irish Government for over six months. The proposal has cross-party and cross-border support.

The proposal presented sees Quinn Insurance Limited remain 100% in Irish ownership under the control of a newly established independent board fully compliant with the requirements of the Financial Regulator.

Quinn Insurance Limited has enjoyed the highest profit margins of any general insurance company in Ireland over the past 10 years and under the proposal 100% of the economic benefit is retained for the Irish taxpayer. Over the 10 year period 2000-2009 Quinn Insurance Limited achieved a Combined Operating Ratio of 86.5% compared to the general insurance market at 94.9%, an out-performance of 8.4% by Quinn Insurance Limited *.

We confirm that the Quinn family remains fully committed to the successful implementation of this proposal. We continue to impress upon all stakeholders the need to give the proposal full and proper consideration to ensure that its objectives, as set out above, are achieved.</sup>


However it looks like Anglo have said they are not considering this option and that the proposal they are hoping to run with is the Liberty Mutual which will mean up to the guts of 2000 more job losses.

[orangeman]

Why do they not want to allow Quinn to retain ownership ?

Do they want all their money in one lump by virtue of a sale to Liberty ?.

[supersarsfields]

It's looking that way OM. The deal QD were offering would involve paying it of over a seven year basis while retaining all the Irish and NI jobs. If Mutual come in they have confirmed that they would be getting rid of the Cavan, Navan and Enniskillen offices.

There's been alot going on behind the scenes but it looks like it will be a new ownership which will mean Huge job losses in Cavan and Fermanagh. It's going to leave that border area like a ghost town. The problem is with the two Brians. They have an opportunity to step in and try and negotiate a deal that would allow the jobs to be retained and control to stay with Quinns with payments going to Anglo. But neither of them will lose face on the process now despite knowing it would be the best outcome.
If the sale was delayed until after the GE then there would be a far better chance of getting a solution. But that's not looking likely as the sale will prob be finished within the next month.

Tough times ahead unfortunately for me and a lot of others in that area.

[Peter Solan the Great]

Sad to see that of of the economic traitors greed will mean people losing jobs.

[supersarsfields]

Good man Pete, that didn't take long.