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Quinn Insurance In Administration

6.1K views 77 replies 27 participants last post by  joey - account deactivated  
#1 ·
The High Court has appointed two joint provisional administrators to Quinn Insurance Ltd.

Mr Justice John Cooke made the order following an application by lawyers on behalf of the Financial Regulator.

The application was made under the 1983 Insurance act.

Michael McAteer and Paul McCann from Grant Thornton have been appointed by the High Court to act as the two joint provisional administrators.

They have been instructed to begin their work immediately.

The court heard the Regulator took this action following serious concerns about the way the group was managing its affairs.

The development means the administrators will run the business as a going concern under different management in the interest of policy holders.

The Regulator now has an on-site presence in the company's offices.

The administrators will run only the general insurance businesss and Quinn's life insurance business remains unaffected.
 
#2 ·
I was meant to start work there on Tuesday, lucky I took a position with a different company, if cost reductions were to be made i'm sure it would be last in - first out. I've heard that Quinn Heathcare in Cork was a joke of an operation from several people.
 
#8 ·
Business as normal in relation to customers, claims, and policy's, just heard on the radio..
 
#10 ·
Just in case there's any doubt, we'll be on the hook for this too.

Quinn is supposedly in the hole for €200m, that's roughly a fifth of their yearly premium income. You could buy FBD with that sort of money. So there won't be anyone looking to take over the company while that debt's hanging over it.

There'll probably be a levy on everyone's insurance premium to pay off the shortfall. That's what was done when PMPA had to be bailed out.
 
#11 ·
they have been putting on levys for the last 5-6 months my renewal was 1400e(1000e the year before on a more powerfull car) so i left them quite sharply and i know of quite a few ppl that left them because of massive hikes in renewals.
 
#13 ·
I was with them for 5 or 6 years, and to be honest, I was only with them because of the price.

Quinn are notable for their inadequate claims coverage. They were making really low qoutes to attract customers which is all good, until they need to pay out on claims which was theyre achilles' heel in terms of public opinion of the company. Other than that, I had no reason for customer loyalty, which is what may happen here with Quinn. A very low customer loyalty rate will mean theyre massive amount of customers will jump ship as soon as the qoutes go up to meet their growing debt. Less income will make it harder for the company to pay off the debt, and so ends Quinns run of luck. To be fair, I would much rather see them kept afloat for competition in the market.
 
#14 ·
QUOTE (Oisin @ Mar 30 2010, 04:05 PM) <{POST_SNAPBACK}>To be fair, I would much rather see them kept afloat for competition in the market.

Agree with that 100%

Quinn aren't a bad company to deal with and Providing you're prepared for an argument not too bad when it comes to renewals either. (2 Years running I got an online quote from them €400 cheaper than the renewal quote. Rang, argued about it and got it)

That Being said AXA were very close to them this year and If prices go up for my next quote I'll be jumping ship too.
 
#15 ·
Im with quinn, Im only there because Im young and there cheap, customer service is sit, simple as, Im moving in july thank god, I will never again have a policy with them, I had a problem with them over a crack in my windscreen, I ended up forking out 200 euro even though I had windscreen cover, I probably should have stuck at them, but I needed it for the NCT. Feckers they are.
 
#19 ·
QUOTE (Rocher @ Mar 30 2010, 04:30 PM) <{POST_SNAPBACK}>Agree with that 100%

Quinn aren't a bad company to deal with and Providing you're prepared for an argument not too bad when it comes to renewals either. (2 Years running I got an online quote from them €400 cheaper than the renewal quote. Rang, argued about it and got it)

That Being said AXA were very close to them this year and If prices go up for my next quote I'll be jumping ship too.

Didnt no the hoors done that just checked mine there its up for renewel next week got quoted 292 euro cheeper online..

cheers rocher
Image
 
#21 ·
QUOTE (Brian.G @ Mar 30 2010, 02:48 PM) <{POST_SNAPBACK}>Business as normal in relation to customers, claims, and policy's, just heard on the radio..Was chattin to a mates wife who works in the navan office. She says they cant start up any new policys

Sean hopped in the chopper and off to blanch this morning to go ballistic , no one in quinn knew this was happening , not even sean himself
 
#22 ·
QUOTE (Ray @ Mar 30 2010, 09:19 PM) <{POST_SNAPBACK}>Was chattin to a mates wife who works in the navan office. She says they cant start up any new policys

Sean hopped in the chopper and off to blanch this morning to go ballistic , no one in quinn knew this was happening , not even sean himself

thats odd, it's been said on the news all day that its only in the uk/ni that new policies have been stopped.
 
#26 ·
Sean wrote to every TD etc today calling the issue a disgrace etc. He wasn't aware of what was going on.

Thats what happens when you're a crook and you get caught. He should be locked up, him and the Anglo golden circle!