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.
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.