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Daily Insurance Industry News
Sunday 21st of January 2018
March 30, 2010

Quinn Insurance Limited placed in administration

by Gill Montia

Story link: Quinn Insurance Limited placed in administration

The Financial Regulator in Ireland has announced that Quinn Insurance Limited has been placed into provisional administration.

Following an application to the High Court in Dublin, joint provisional administrators have been appointed to the firm, which has offices in Cavan and Enniskillen.

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

According to the UK’s Financial Services Authority (FSA), the Irish regulator has 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 is working closely with the Irish authorities in the matter.

The BBC has reported that the Irish Financial Regulator expressed serious concerns about the finances of the company following the discovery that back in 2005, subsidiaries of the group had made guarantees that reduced the value of the company’s assets by €448 million.

 

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