Quinn Insurance in Administration

Started by An Gaeilgoir, March 30, 2010, 12:15:49 PM

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muppet

Quote from: haranguerer on April 07, 2010, 03:20:34 PM
No Sammy: thats like putting up a picture of the pope when asked what is the catholic church.

Hes the head of regulation, the financial regulator is a body, not, as I said, a person.

Every country has it's own autonomous financial regulator. You strongly suggested you'd prefer the British one over the Irish one. You don't get that choice with the Catholic Church.

If Patrick Neary is the personification of the poor regulation of the past, this guy personifies the new regulation. And he is British so you will like him.

MWWSI 2017

seafoid

He looks very sober. Especially with the tie and the haircut. He doesn't look like the kind of fella who would pump €3bn into Anglo Irish Bank.
"f**k it, just score"- Donaghy   https://www.youtube.com/watch?v=IbxG2WwVRjU

screenexile

Quote from: Take Your Points on April 07, 2010, 08:27:26 PM
Quote from: supersarsfields on April 07, 2010, 10:40:56 AM

In lauding the QI business, it appears that the practice of trying to force through settlement of claims has been forgotten.  The country is full of stories where the QI rep appears as soon as a claim is lodged to try and get an immediate settlement of the claim without recourse to legal advice.

And what is the problem with that TYP? It stopped Solicitors getting their fees and helped drive down the prices of Insurance. And has been a tactic that other insurance companies have taken on board to lower costs. It was never a case of forcing things through, in effect they helped to stop the need for a solicitor. Hardly a problem in my eyes unless your a solicitor.

It's OK except when it is reported that it is pressurised settlement by starting to write a cheque on the doorstep and the weakest targets are chosen, e.g. elderly and those in financial difficulties.  They have also turned up at inappropriate times, i.e. appearing for a settlement so soon after an accident when the injured are critical in hospital or where there have been fatalities.

I have no problem with cutting out lawyers when they are not needed but too often people are unaware of their full rights, e.g. up to two years wait to see if injuries develop into something more serious or long lasting.
[/quote]

Well put TYP. . . the Ryanair of the Insurance World! I do fear for the jobs that will go but some of Quinn's business practices are cut throat to say the least.

They have a dedicated team set up to get out of claims over the slightest loophole they can find. They have also stolen valued customers from Brokers through the Quinn Direct arm having offered their services as Quinn Insurance previously.

As I said 700 jobs would be a huge loss and I hope it doesn't come to that. However Quinn do need a rap on the knuckles to get their affairs in order and hopefully this will show them the error of their ways!

Declan

I see Sean Quinn was a bit more contrite in a radio interview last night admitting to failures etc. Hopefully the administrator can sort something out.
Yet again I'm fascinated at the people of Cavan,Fermanagh, Leitrim etc and their unflinchiing loyalty to him. Whilst I can understand that he has brought jobs, employment stability to the region the fact remains that he broke the rules and it is as a direct result of this that the business is in the position it's in.
Listening to the rally last night and the speeches made and on the radio I have not heard one person say anything about this.

   

haranguerer

Quote from: muppet on April 07, 2010, 04:23:12 PM
Quote from: haranguerer on April 07, 2010, 03:20:34 PM
No Sammy: thats like putting up a picture of the pope when asked what is the catholic church.

Hes the head of regulation, the financial regulator is a body, not, as I said, a person.

Every country has it's own autonomous financial regulator. You strongly suggested you'd prefer the British one over the Irish one. You don't get that choice with the Catholic Church.

If Patrick Neary is the personification of the poor regulation of the past, this guy personifies the new regulation. And he is British so you will like him.

Good man.

The incompetence of the southern regulator has been well documented in the past. The fact that there is someone different at the helm is unlikely to have sorted it out in its entirety. I said I knew which one I'd rather place faith in in a clear reference to their records rather than their nationality. But dont you waste a chance to bring the debate down to a level you feel comfortable on.


scud

Quote from: Declan on April 08, 2010, 08:43:29 AM
I see Sean Quinn was a bit more contrite in a radio interview last night admitting to failures etc. Hopefully the administrator can sort something out.
Yet again I'm fascinated at the people of Cavan,Fermanagh, Leitrim etc and their unflinchiing loyalty to him. Whilst I can understand that he has brought jobs, employment stability to the region the fact remains that he broke the rules and it is as a direct result of this that the business is in the position it's in.
Listening to the rally last night and the speeches made and on the radio I have not heard one person say anything about this.

I feel sorry for the workers who are being cynically manipulated in all of this. Quinn has always ensured there has never been a union presence in his workforce yet now, with his own ass in the fire, we have rallies and protests. Introducing emotional blackmail as a bargaining chip in what is a business decision making process is downright disgraceful.

Many of the workers do have a cringeworthy, blind faith in the 'Mighty Quinn' but many others realise that they should be protesting outside his mansion and not the regulators office....

tyrone girl

But Qd always have the solicitors costs when dealing with the accident management companies. When first notified of the claim they act really quick and sort the thing asap but always ask for our costs quickly sent through to them and settle them immediately.

T Fearon

Nail on the head Scud, although its easy to understand that people are only concerned about their jobs, and Cowen's Government  cannot afford to be blamed for the loss of thousands of jobs. No great affection for Mr Quinn but I hope that the jobs are preserved and this Company's operations scrutinised minutely at every turn in the future.

A Quinn Martin Production

I live in Fermanagh and my natural sympathies lie with the employees.  From talking to a few people I think the greatest emotion is still shock as 99% of them had no idea anything was wrong.

However they are somewhat blinded by shock and now anger.  They still believe that the fault here lies squarely at the door of the Regulator.  The situation is not the Regulator's fault. 

With the English Grand National coming up on Saturday, many of us will have a small bet and most of us will lose.  Sean Quinn and his children took a massive bet and their horse lost...the only difference is that they still have to pay the bookie their stake money.  That is at the heart of any problems in the Quinn Group.

I think Quinn (and his employees) should take a less confrontational approach and work in a quieter fashion with the administrators with a view to getting the company out of administration (if that is possible)
Antrim - One Of A Dying Breed of Genuine Dual Counties

supersarsfields

Quote from: screenexile on April 08, 2010, 12:05:44 AM
Quote from: Take Your Points on April 07, 2010, 08:27:26 PM
Quote from: supersarsfields on April 07, 2010, 10:40:56 AM

In lauding the QI business, it appears that the practice of trying to force through settlement of claims has been forgotten.  The country is full of stories where the QI rep appears as soon as a claim is lodged to try and get an immediate settlement of the claim without recourse to legal advice.

And what is the problem with that TYP? It stopped Solicitors getting their fees and helped drive down the prices of Insurance. And has been a tactic that other insurance companies have taken on board to lower costs. It was never a case of forcing things through, in effect they helped to stop the need for a solicitor. Hardly a problem in my eyes unless your a solicitor.

It's OK except when it is reported that it is pressurised settlement by starting to write a cheque on the doorstep and the weakest targets are chosen, e.g. elderly and those in financial difficulties.  They have also turned up at inappropriate times, i.e. appearing for a settlement so soon after an accident when the injured are critical in hospital or where there have been fatalities.

I have no problem with cutting out lawyers when they are not needed but too often people are unaware of their full rights, e.g. up to two years wait to see if injuries develop into something more serious or long lasting.

Well put TYP. . . the Ryanair of the Insurance World! I do fear for the jobs that will go but some of Quinn's business practices are cut throat to say the least.

They have a dedicated team set up to get out of claims over the slightest loophole they can find. They have also stolen valued customers from Brokers through the Quinn Direct arm having offered their services as Quinn Insurance previously.

As I said 700 jobs would be a huge loss and I hope it doesn't come to that. However Quinn do need a rap on the knuckles to get their affairs in order and hopefully this will show them the error of their ways!
[/quote]

Sorry I don't agree with any of that. There was a couple of claims were people reported about feeling harassed. Minor enough numbers considering the amount of claims that are settled. Also do you think there aren't harassment claims from other insurance companies and indeed these solicitors who chase the client aswell? If you do, your living in a bubble.
Comparing QI to Ryanair isn't that big of a crime. Considering RA's biggest fault was in care for it's workers which definitely isn't the case for QI. Hardly a massive insult.
And all insurance companies look at indemnity issues to see if their liable, hardly loop holes. There's not one insurance company that doesn't so that's a big of a strange point to make.

supersarsfields

Quote from: scud on April 08, 2010, 09:23:30 AM
Quote from: Declan on April 08, 2010, 08:43:29 AM
I see Sean Quinn was a bit more contrite in a radio interview last night admitting to failures etc. Hopefully the administrator can sort something out.
Yet again I'm fascinated at the people of Cavan,Fermanagh, Leitrim etc and their unflinchiing loyalty to him. Whilst I can understand that he has brought jobs, employment stability to the region the fact remains that he broke the rules and it is as a direct result of this that the business is in the position it's in.
Listening to the rally last night and the speeches made and on the radio I have not heard one person say anything about this.

I feel sorry for the workers who are being cynically manipulated in all of this. Quinn has always ensured there has never been a union presence in his workforce yet now, with his own ass in the fire, we have rallies and protests. Introducing emotional blackmail as a bargaining chip in what is a business decision making process is downright disgraceful.

Many of the workers do have a cringeworthy, blind faith in the 'Mighty Quinn' but many others realise that they should be protesting outside his mansion and not the regulators office....

I think you'll find the protests have nothing to do with SQ. The idea and organisation of the protests was all taken on board solely by employees. Hardly surprising consideing what they face.

scud

Quote from: supersarsfields on April 08, 2010, 10:49:06 AM
Quote from: scud on April 08, 2010, 09:23:30 AM
Quote from: Declan on April 08, 2010, 08:43:29 AM
I see Sean Quinn was a bit more contrite in a radio interview last night admitting to failures etc. Hopefully the administrator can sort something out.
Yet again I'm fascinated at the people of Cavan,Fermanagh, Leitrim etc and their unflinchiing loyalty to him. Whilst I can understand that he has brought jobs, employment stability to the region the fact remains that he broke the rules and it is as a direct result of this that the business is in the position it's in.
Listening to the rally last night and the speeches made and on the radio I have not heard one person say anything about this.

I feel sorry for the workers who are being cynically manipulated in all of this. Quinn has always ensured there has never been a union presence in his workforce yet now, with his own ass in the fire, we have rallies and protests. Introducing emotional blackmail as a bargaining chip in what is a business decision making process is downright disgraceful.

Many of the workers do have a cringeworthy, blind faith in the 'Mighty Quinn' but many others realise that they should be protesting outside his mansion and not the regulators office....

I think you'll find the protests have nothing to do with SQ. The idea and organisation of the protests was all taken on board solely by employees. Hardly surprising consideing what they face.

C'mon, are you serious? Its fairly obvious that that is simply not the case.

As I see it, even if Quinn remains in control most of them will have their pay frozen for another year and many will see further cuts on bonuses that make up a significant portion of their salary. We'll see if any protests are allowed then.

A Quinn Martin Production

Anglo's Quinn restructure plan fails to sway regulator
SIMON CARSWELL, HARRY McGEE and MARY MINIHAN

Thu, Apr 08, 2010

The Financial Regulator has responded coolly to a proposal from State-owned Anglo Irish Bank to take control of Seán Quinn's business and restructure its struggling insurer in a bid to secure repayment of €2.8 billion owed by the Quinn family.

The regulator met senior Anglo executives privately on Tuesday to discuss the bank's proposal, which was devised by the new management team at the bank. However, it is understood that the regulator is intent on progressing with its court application next Monday to confirm the appointment of administrators.

Among the proposals suggested by Anglo was that the Quinn Group be taken over by the State-owned bank, that Quinn Insurance be put on a sound financial footing with support from the bank and be eventually sold for a higher price than it would in the short term.

The bank has suggested the proposal as an alternative to the full administration of Quinn Insurance which lenders to the Quinn Group and family fear could lead to a default on loans of €4 billion.

Anglo's shareholder, Minister for Finance Brian Lenihan, is understood to have instructed the bank to devise the best solution for the group that could recover the most amount of money for the State-owned bank.

Any alternative must not only restore the insurer's solvency to the regulator's minimum level but also address concerns about how the insurance firm was being managed.

Anglo's proposals could see Mr Quinn lose control of the group he founded 37 year ago. He is understood to be open to an alternative that would avoid administration.

The bank has sought time to find a solution agreed by all the parties, including all the lenders to the group, and could achieve this if the regulator extends the provisional administration of Quinn Insurance by 30 days.

Anglo is also believed to be pressing for the regulator to allow Quinn Insurance to re-open for business in Britain and Northern Ireland. Last week the regulator ordered the insurer to stop writing business in the UK to prevent further losses.

A delegation of TDs and Senators from the Border region met Mr Lenihan last night in Dublin to express concern about the implications the appointment of the administrators may have for the 5,500 jobs in group.

The delegation included Minister for Agriculture Brendan Smith, a TD for Cavan-Monaghan. A statement issued on behalf of the Minister noted that the meeting had been constructive and also emphasised the independent nature of the regulator's role. It also disclosed publicly the role that Anglo is now taking in discussions on the group's future.

Speaking afterwards, Mr Smith said, "we're not privy to the data that the Quinn company were putting together for assessment by the joint provisional administrators".

The two court-appointed provisional administrators, Michael McAteer and Paul McCann of Grant Thornton, are preparing a report on Quinn Insurance which will be given to the regulator today ahead of the High Court hearing next week.

The Quinn Group disclosed yesterday that the Quinn family owed Anglo €2.8 billion, primarily due to losses on share investments of about €3 billion outside the group, most of which were incurred on Anglo.

The group said the guarantees provided by the insurer's subsidiaries to its bondholders and other lenders – which led to the regulator's court action – could be withdrawn and solvency could be restored to the insurer with a further €100 million in additional borrowings.

Mr Quinn conceded that the regulator was "technically right" to take his action but said he should have met directors before putting the company into provisional administration.

The Quinn family loans fall outside the National Assets Management Agency so any losses on these loans will be in addition to those incurred by Anglo on the loans the bank transfers to the State agency.

© 2010 irishtimes.com


SQ changing his tune a little??
Antrim - One Of A Dying Breed of Genuine Dual Counties

orangeman

Big change of tune it would appear.

supersarsfields

Quote from: scud on April 08, 2010, 11:09:38 AM
Quote from: supersarsfields on April 08, 2010, 10:49:06 AM
Quote from: scud on April 08, 2010, 09:23:30 AM
Quote from: Declan on April 08, 2010, 08:43:29 AM
I see Sean Quinn was a bit more contrite in a radio interview last night admitting to failures etc. Hopefully the administrator can sort something out.
Yet again I'm fascinated at the people of Cavan,Fermanagh, Leitrim etc and their unflinchiing loyalty to him. Whilst I can understand that he has brought jobs, employment stability to the region the fact remains that he broke the rules and it is as a direct result of this that the business is in the position it's in.
Listening to the rally last night and the speeches made and on the radio I have not heard one person say anything about this.

I feel sorry for the workers who are being cynically manipulated in all of this. Quinn has always ensured there has never been a union presence in his workforce yet now, with his own ass in the fire, we have rallies and protests. Introducing emotional blackmail as a bargaining chip in what is a business decision making process is downright disgraceful.

Many of the workers do have a cringeworthy, blind faith in the 'Mighty Quinn' but many others realise that they should be protesting outside his mansion and not the regulators office....

I think you'll find the protests have nothing to do with SQ. The idea and organisation of the protests was all taken on board solely by employees. Hardly surprising consideing what they face.

C'mon, are you serious? Its fairly obvious that that is simply not the case.

As I see it, even if Quinn remains in control most of them will have their pay frozen for another year and many will see further cuts on bonuses that make up a significant portion of their salary. We'll see if any protests are allowed then.

Serious? Yeah cause I know for a fact.

Most bonuses had been stopped already, and most employees understand why considering the economy. The loyalty might be something to do with the fact that despite the massive drop in business and profits QG has had they haven't laid any of.