Author Topic: Quinn Insurance in Administration  (Read 239568 times)

Louth Exile

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Re: Quinn Insurance in Administration
« Reply #30 on: March 30, 2010, 03:32:02 PM »
Firstly, this creates real fears for a lot of jobs, particularly in Cavan and Fermanagh and no one on here should be making light of that!

Secondly, someone asked about peoples insurance policies? Well, although it is a going concern and may stay as a going concern, we will see Quinn hemorrhage policies over the next while until everything is resolved satisfactorily. When you have the likes of Jill Kirby advising people to consider their options then they should be, this is not like Joe Duffy causing a run on the banks.

Thirdly, if Quinn did go to the wall it would have a huge affect on the Irish general insurance market where they are second only to Aviva. Never been a fan of them, but they did take on motor risks that other companies had no appetite for. If the other companies ended up having to take on these risks you can be damn sure that we will all see our motor premiums go up.

Lastly, it is no conincidence that this occurred on NAMA day and lets hope it it part of a move get all the bad news out there and dealt with and see just how much this state is going to to have to pay for the sins of a few!
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TacadoirArdMhacha

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Re: Quinn Insurance in Administration
« Reply #31 on: March 30, 2010, 03:32:58 PM »
Will people be able to renew their NI policies? They sent me out a renewal quote and letter a few days back (think I've another few weeks of my current policy). Has it been announced if they'll be honouring renewal quotes?
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quit yo jibbajabba

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Re: Quinn Insurance in Administration
« Reply #32 on: March 30, 2010, 03:42:08 PM »
In the exact same situation as TacadoirArdmacha; will someone please answer this man (and me :))

supersarsfields

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Re: Quinn Insurance in Administration
« Reply #33 on: March 30, 2010, 03:44:08 PM »
Yeah you'll be fine TAM. They're still renewing policies in Ireland. It's only across the water that they are being stopped writing new policies.
I'd don't think this will have an affect on policy holders in Ireland to be honest. Or even in the UK, as it's only affecting the writing of new policies in the UK mainland.
In other words the renewal of policies and any claims process won't be effected in Ireland or NI.
« Last Edit: March 30, 2010, 03:46:12 PM by supersarsfields »

scud

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Re: Quinn Insurance in Administration
« Reply #34 on: March 30, 2010, 04:15:32 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.

Where did you get your figures muppet? I thought his losses had crystalized at around the €1bn mark on the Anglo CFD, but I am very much open to correction! Going by the figures from their website the group as a whole were making €4/500m a year for the last few years. If thats the case, as massive a loss as it was, it was only maybe 3 yrs profit, and most of it was written off in 08 I think - causing a 400m profit to become a 400m loss.

 I can't understand how the guarantees, which seem to be made in 2005, and for which both the company and Quinn personally were fined for in 2008, are still in operation. Surely Quinn Insurance would have sorted that out after the knuckle wrap in 08?

Louth Exile

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Re: Quinn Insurance in Administration
« Reply #35 on: March 30, 2010, 04:18:32 PM »
Yeah you'll be fine TAM. They're still renewing policies in Ireland. It's only across the water that they are being stopped writing new policies.
I'd don't think this will have an affect on policy holders in Ireland to be honest. Or even in the UK, as it's only affecting the writing of new policies in the UK mainland.
In other words the renewal of policies and any claims process won't be effected in Ireland or NI.

Insurance should be there that if the worst happens that you can be secure in the knowledge that your claim will be paid. If the regulator sought administrators because it had severe doubts over the companies capacity to meet its liabilities, then it does affect policy holders in Ireland!
St. Josephs GFC - SFC Champions 1996 & 2006, IFC Champions 1983, 1990 & 2016 www.thejoesgfc.com

supersarsfields

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Re: Quinn Insurance in Administration
« Reply #36 on: March 30, 2010, 04:24:18 PM »
The reason the administrator was called in was in reference to it's new business in the UK which it deems not profitable (Most down to accident management companies!!). There has been nothing to suggest that there is any problems with NI or Ireland.

tyrone girl

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Re: Quinn Insurance in Administration
« Reply #37 on: March 30, 2010, 04:34:39 PM »
Accident management companies is where the bucks are. Though to be fair Quinns were most efficient insurance company in dealing with any claims out of about the 15 or so i deal with.

T Fearon

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Re: Quinn Insurance in Administration
« Reply #38 on: March 30, 2010, 04:40:26 PM »
Don't they also sponsor the Late Late Show? Bet Pat Kenny's glad he got out when he did ;D

Declan

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Re: Quinn Insurance in Administration
« Reply #39 on: March 30, 2010, 04:45:44 PM »
Latest from UK

Existing Quinn Insurance PII cover still valid, says FSA

30 March 2010 | By Nicole Blackmore
The FSA has reassured UK advisers with professional indemnity insurance through Quinn Insurance Limited that their policies will remain valid despite the firm falling into administration.

The Financial Regulator in Ireland today announced that Quinn has been placed into provisional administration and, following an application to the High Court, joint provisional administrators have been appointed.

Quinn’s UK branch, Quinn Insurance Limited (UK) or Quinn Direct, specialises in motor and professional indemnity insurance and has now closed to new business. 

The Irish regulator and the FSA have confirmed that existing policyholders in the UK will continue to be covered.

Customers of the firm can continue to make claims and should continue to pay direct debits and premiums in the normal way.

The FSA says it will provide updates on its website as soon as possible.

supersarsfields

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Re: Quinn Insurance in Administration
« Reply #40 on: March 30, 2010, 04:47:48 PM »
Accident management companies is where the bucks are. Though to be fair Quinns were most efficient insurance company in dealing with any claims out of about the 15 or so i deal with.

I don't know how they get away with some of the things they do. Ireland and NI are well behind the UK when it comes to the amount of these companies. You can't get away from them, they're advertising everywere on taxis, buses, radio etc.

southdown

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Re: Quinn Insurance in Administration
« Reply #41 on: March 30, 2010, 04:54:57 PM »
Quinn tend to pay out straight away on insurance claims and admit liability very early on in the hope of saving legal costs in the long term.  Maybe this policy has backfired on them.  Definitely a lot more accident management compnaies in mainland Britain, which may explain why their UK business is not going as well.  There is only one such company in NI which seems to do Quinn a lot of damage in it's own right.

I'm guessing the reason why there are more of these compnaies in the UK is down to less stringent rules on referral fees.

« Last Edit: March 30, 2010, 04:56:53 PM by southdown »

tyrone girl

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Re: Quinn Insurance in Administration
« Reply #42 on: March 30, 2010, 05:00:20 PM »
There is more than one in NI at present.
Quinn are the one insurance company as i said though that dealt with everything asap. Negotiated quickly and paid out quickly

muppet

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Re: Quinn Insurance in Administration
« Reply #43 on: March 30, 2010, 06:30:11 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.

Where did you get your figures muppet? I thought his losses had crystalized at around the €1bn mark on the Anglo CFD, but I am very much open to correction! Going by the figures from their website the group as a whole were making €4/500m a year for the last few years. If thats the case, as massive a loss as it was, it was only maybe 3 yrs profit, and most of it was written off in 08 I think - causing a 400m profit to become a 400m loss.

 I can't understand how the guarantees, which seem to be made in 2005, and for which both the company and Quinn personally were fined for in 2008, are still in operation. Surely Quinn Insurance would have sorted that out after the knuckle wrap in 08?

Sindo I know, might be way off.

http://gaaboard.com/board/index.php?topic=15840.0

Despite making it to the top ten, Co Fermanagh man Sean Quinn is estimated to have lost a staggering €2.5bn (£2.2bn) supporting the now nationalised Anglo Irish Bank.
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FermGael

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Re: Quinn Insurance in Administration
« Reply #44 on: March 30, 2010, 07:33:22 PM »
Don't they also sponsor the Late Late Show? Bet Pat Kenny's glad he got out when he did ;D
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