Quinn Insurance in Administration

[Ulick]

Message to all Nordies

It is surprising the "only" 26% of Fermanagh wallas work for the Crown considering the overall percentage in the public sector for Norn Irn is closer to 2/3rds. So Fermanagh seems to be losing out.

I read in the FT that the average Norn Irn subvention from the hated British State works out to a mere £20,000 per family when you include everything.  It's good that at least some of the money goes into GAA and is thus used productively. How could NI survive without British taxpayers?  Was this dependency the ultimate shoot yourself in the foot (rather than the knee) result of the IRA's campaign of insurrection that started in the late 60s ?

Given these numbers isn't it pointless to vote along sectarian lines in the upcoming elections?     Ye should all vote for Brit parties since they are the ones who sanction your vast subsidies . Isn't Sinn Fein's abstention absolutely pointless unless accompanied by the blanket refusal of all Shinner voters to hand back their subsidy? 
?

Are you assuming we want it to survive and is the fact that the north is so dependent on Brit subsidies evidence enough that it has failed? IMO it's that Brit economic subvention to pacify and protect the unionist state which is the biggest barrier ro economic growth i.e. there is no incentive for the private sector to expand.

[gerry]

heard today 170 temporary  jobs to get the p45 this monday due to downturn in business

[orangeman]

heard today 170 temporary  jobs to get the p45 this monday due to downturn in business

Not good news.

[never kickt a ball]

Let's hope they haven't insured many airlines for loss of business?

[muppet]

Let's hope they haven't insured many airlines for loss of business?

[orangeman]

What I've been reading as past couple of days would lead you to believe that the Regulator has come round a bit and is a lot happier that the business is going in the right direction and that there would appear to be a definite plan in place with regard to writing new business outside of Ireland and with regard to ratios.


Would this be accurate Super Sars ?.

[supersarsfields]

To be honest OM it's hard to tell. It seems that they have worked out alot of the problems and the regulator seems to be happier with the Company and it's profits. However they still haven't opened the UK markets which is a major market for QI. I'd imagine the UK FR might be looking into things aswell before they can go ahead to trade there again. But I'm hoping that all can be sorted pretty quickly. 

[orangeman]

To be honest OM it's hard to tell. It seems that they have worked out alot of the problems and the regulator seems to be happier with the Company and it's profits. However they still haven't opened the UK markets which is a major market for QI. I'd imagine the UK FR might be looking into things aswell before they can go ahead to trade there again. But I'm hoping that all can be sorted pretty quickly.

Do you get the sense that ownership of QI will ultimately rest with the Quinn Group after all this is resolved ?

[supersarsfields]

Personal View, I think he'll hold on to it. How accurate that is I don't know.

[orangeman]

Quinn's UK trade ban is lifted     



Ireland's Financial Regulator has lifted restrictions placed on Quinn Insurance Ltd that prevented it from issuing new insurance cover in the UK.

On Wednesday the regulator said it would allow the firm to write new insurance cover for provisional licence holders in the United Kingdom.

The office said it had taken the decision after careful consideration.

The company is in administration after the regulator raised concerns about its solvency.

The regulator said Wednesday's decision was based on information provided by the administrators and it had also consulted the UK's Financial Services Authority.

The statement from the regulator indicated that there had been improvements in the company's underwriting model and "significant" strengthening of its pricing structure.

The company was prevented from writing new business in the UK after the regulator expressed concerns about the financial position of the company, particularly in relation to its solvency, and had the business placed in administration to protect Quinn's customers.

Most of the UK business is processed in Quinn's Fermanagh operation and the ban had put hundreds of jobs at risk.

Workers across Ireland protested over the decision. The company said the insurance business was losing 1.5m euros a day as a result of the suspension.

The Quinn Group last week withdrew its opposition to the appointment of permanent administrators to the insurer.

The regulator and the insurer said the move was in the best interests of 1.3 million policyholders.

[supersarsfields]

While it's good news that there has been movement it's still not enough to bring any great hope. It's only opened up the market for provisional licence holders in the UK and not for the whole market. It's only a tiny % of what QI needs. But as I said at least it's movement and hopefully they'll widen it to include more segments in the next few days.

[Bensars]

Heard on the radio that the administrator is recommending 800 job losses at Quinns. The employees are to be told in detail tomorrow.

Big blow for a lot of families

[orangeman]

Heard on the radio that the administrator is recommending 800 job losses at Quinns. The employees are to be told in detail tomorrow.

Big blow for a lot of families

Not good news.

[A Quinn Martin Production]

Heard on the radio that the administrator is recommending 800 job losses at Quinns. The employees are to be told in detail tomorrow.

Big blow for a lot of families

According to the local paper here the job losses will be spread between, Enniskillen, Cavan, Dublin and I believe England.  Not good news nonetheless.

[orangeman]

Heard on the radio that the administrator is recommending 800 job losses at Quinns. The employees are to be told in detail tomorrow.

Big blow for a lot of families

According to the local paper here the job losses will be spread between, Enniskillen, Cavan, Dublin and I believe England.  Not good news nonetheless.

According to the papers the job losses will be in the South.