Author Topic: Quinn Insurance in Administration  (Read 261558 times)

screenexile

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Re: Quinn Insurance in Administration
« Reply #15 on: March 30, 2010, 01:22:56 PM »
Sounds like theres been a bit of creative accounting, and these guys have been brought in to try to correct things. How does using something as collateral reduce its value though?

Not sure about all this accounting business but I work for a General/Commercial Insurance Broker and I would imagine this is massive news for us. . . Not looking forward to the amount of work that's going to be involved though :(

tyrone girl

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Re: Quinn Insurance in Administration
« Reply #16 on: March 30, 2010, 01:25:52 PM »
Do a load of insurance claims work for them wonder what way thats affected?

supersarsfields

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Re: Quinn Insurance in Administration
« Reply #17 on: March 30, 2010, 01:28:29 PM »
You a solicitor TG?

I'd imagine (hoping) things will continue as they are, as it's still being run as a going concern. I'm sure there'll be changes in the long run tho.


A Quinn Martin Production

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Re: Quinn Insurance in Administration
« Reply #18 on: March 30, 2010, 01:30:14 PM »
Do a load of insurance claims work for them wonder what way thats affected?

The companies will continue to trade as normal and policies and claims are unaffected...at the moment.  The day to day management of the company has been taken out of its hands and it will be managed by the administrators until its house is in order.
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haranguerer

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Re: Quinn Insurance in Administration
« Reply #19 on: March 30, 2010, 01:32:18 PM »
Do a load of insurance claims work for them wonder what way thats affected?

You're fucked - dont finish with that lad  ;)

scud

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Re: Quinn Insurance in Administration
« Reply #20 on: March 30, 2010, 01:46:34 PM »

Apparently they're not allowed to write any new UK policies but existing policyholders are unaffected.

I took this off the Quinn Group site:

Sean Quinn’s New Year Message to Staff and Customers
7 January 2009

Quinn Insurance has total assets of €2.1bn with over €900m in cash and bonds. It recently opened a new office in Cork and is due to open its newly constructed Navan office in May 2009. This gives it the platform for continued profitable growth in the coming years.


There must be something big going on if they claim to have €900m in cash at the start of 2009 and are in admin by early 2010

screenexile

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Re: Quinn Insurance in Administration
« Reply #21 on: March 30, 2010, 01:49:10 PM »
Apparently they are not allowed to write any business in 'mainland' UK but are still ok in the North and South... is this true? I wouldn't be too sure about the terms of going into administration or going concern etc.

Rois

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Re: Quinn Insurance in Administration
« Reply #22 on: March 30, 2010, 01:54:59 PM »
They can't go "into administration" in the south in the same way that say Zavvi or Nortel were in administration.  I don't think this procedure yet gives them protection from creditors but it may be on the way depending on what the administrators find.  I think this appointment will lead to some discoveries though and will make the information gathering process easier. 

It'll be down to an Anglo thing whereby Quinn owes the state-controlled bank more than normal limits allowed.  A colleague of mine speculated that Anglo (and therefore the state) will swap some of the Quinn debt for equity and then sell off.  An interesting theory.

Sawyer

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Re: Quinn Insurance in Administration
« Reply #23 on: March 30, 2010, 01:59:57 PM »
What about peoples insurance policies?

lynchbhoy

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Re: Quinn Insurance in Administration
« Reply #24 on: March 30, 2010, 02:06:54 PM »
this will prob not hit Quinns new venture in Manchester - the glass bottle company where he is due (or has started) producing botles for one of the worlds biggest drinks manufacturers.
I cant really rem all the details , but this venture was awaiting planning permission for 5 or more years and this was given before Christmas if my hazy mem serves correctly.
Meant to be Quinns new money making focal point if this is all true !

meanwhile, I expect Quinn Insurance will get a slap on the wrist, have to hand over some land/buildings to Nama/state and then be allowed carry on as normal - as they will not want the company to close down and lose jobs ...
..........

Rois

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Re: Quinn Insurance in Administration
« Reply #25 on: March 30, 2010, 02:12:49 PM »
How does using something as collateral reduce its value though?

I presume it's down to who gets the first charge over the assets if they have to be liquidated, ie if the asset was a piece of land, and it was sold, who gets first call on the proceeds.  So if a subsidiary borrowed money and secured it on this piece of land, it would not be available firstly to the insurance company, so it couldn't be included in their assets, or the value would be reduced by the sum that the bank has first call over. 

Is Quinn involved in the first transfer of loans to NAMA?  For some reason I don't think they are.  The Irish company won't close, it appears to be profitable, but requires a stronger asset base to continue so will need some sort of new capital, so a sale is possible. 

orangeman

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Re: Quinn Insurance in Administration
« Reply #26 on: March 30, 2010, 02:46:59 PM »

Apparently they're not allowed to write any new UK policies but existing policyholders are unaffected.

I took this off the Quinn Group site:

Sean Quinn’s New Year Message to Staff and Customers
7 January 2009

Quinn Insurance has total assets of €2.1bn with over €900m in cash and bonds. It recently opened a new office in Cork and is due to open its newly constructed Navan office in May 2009. This gives it the platform for continued profitable growth in the coming years.


There must be something big going on if they claim to have €900m in cash at the start of 2009 and are in admin by early 2010


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unitedireland

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Re: Quinn Insurance in Administration
« Reply #27 on: March 30, 2010, 02:52:36 PM »
As a fermanagh native I find this news very worrying, only for Sean Quinn's group this area would have very little work. I'm sure people from other counties such as Cavan would feel the same.
I would not claim to be very knowledgable about financial affairs but if the regulator are appointing administrators it does not sound good.
Get Sean Quinn on the LateLate on Friday night to tell us the craic!

muppet

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Re: Quinn Insurance in Administration
« Reply #28 on: March 30, 2010, 03:05:41 PM »
As a fermanagh native I find this news very worrying, only for Sean Quinn's group this area would have very little work. I'm sure people from other counties such as Cavan would feel the same.
I would not claim to be very knowledgable about financial affairs but if the regulator are appointing administrators it does not sound good.
Get Sean Quinn on the LateLate on Friday night to tell us the craic!

This is the so called real economy effect of the actions of the 'Captains of Industry'. So far it appears a single high risk gamble wiped out 4/5ths of Quinn's wealth (Anglo CFD). What we don't know is if there were any other gambles by Mr. Quinn. I hope not.
MWWSI 2017

Declan

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Re: Quinn Insurance in Administration
« Reply #29 on: March 30, 2010, 03:28:06 PM »
Quote
but this venture was awaiting planning permission for 5 or more years and this was given before Christmas if my hazy mem serves correctly.
Meant to be Quinns new money making focal point if this is all true !

Didn't this hit objections etc from Ardagh Glass - who coincidentally were the recipients of that largesse around the infamous IGB site sold for €410M in Ringsend!!!

Also from what I heard his new investments are all in the renewable energy sector.