Quinn gone into Administration

Worrying for its policy holders, me included.

Although...

The provisional administrators will run the company as a going concern and conduct business with a view to putting it on a sound commercial footing.


Does give some hope of turning things around (perhaps at the expense of policy holders come renewal time)
 
markobucko said:
:shock2:
thought they where doing well....
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They are, they make profits of €20 million a month but the finincial regulator has obviously uncovered something to make them put Quinn into admin.
 
Just talking to my mate there, he works in Quinn. He said he was just told that they are currently not taking on new business......
 
i heard that the uk arm of quinn insurance aren't taking on new business, but the irish market shouldnt be affected and supposedly contivue taking new business. asset to liability ratio is where they are in hassle afaik
 
just saw the one o clock news report said quinn were taking new customers
and anybody will not be affected :dontknow:
 
On radio saying business as usual, still actively seeking new business and operating as normal.
Wouldnt expect it to affect policy holders in motor/health sector.
More will be said in coming days i suspect.
 
liability to asset value was exceeded by 200 million apparently .....
wouldnt be worried just yet , but i hope they dont go under ,
i have health , house and car insurance with them

im getting a serious headache just thinking about ringing around trying to get new quotes for them
 
did i hear right that sean quinn moved 450million from the insurance part of quinn, to buy shares in anglo irish a couple of years ago?? if he did then quinn insurance is in trouble
 
dohcturbo said:
sorry but i hope they do go under.....fcukers
Click to expand...


And what about all the people who will be out of a job? Are you going to support their welfare payments?
 
They have a lot of good customers, a lot of good products!
I'm sure they will pull through,
Quinn group were heavily involved in the building industry, (quinn cement, insulation, radiators, sand and gravel) I'm sure there are more!
Those branches probanly dragged them down!
Cheapest insurance around for a lot of lads, with some very silly loop holes that allow lads like me drive around in sports cars since I was 18!
Fair play to them!
Dan
 
noeler2006 said:
did i hear right that sean quinn moved 450million from the insurance part of quinn, to buy shares in anglo irish a couple of years ago?? if he did then quinn insurance is in trouble
Click to expand...
:thumbsup:

Highest losses in Ireland last year.

Think company will be ok unless everyone with a policy claims at the one time.Think they just have a cash flow problem.Same as most of the country if you ask me.

Hopefully not sold to another Irish insurance company.Bit of foreign investment might be benefical to all policy holders

:smokin:
 
CARLO said:
Hopefully not sold to another Irish insurance company.Bit of foreign investment might be benefical to all policy holders
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It would be nice to keep as much business in Ireland as possible, foreign money in now, just leads to irish money going out when things pick up!
Dan
 
Its a simple case of cash not sitting in the right business's I recon

He has over financed some of his business's and underfinanced (backed up) others

thus his assett management is just a little skew ey

Shouldnt come to too much harm really

(I HOPE)
 
It would be nice to keep as much business in Ireland as possible, foreign money in now, just leads to irish money going out when things pick up!
Dan
[/quote]

Foreign insurance comes in Irish insurance companies will have to reduce premiums.The cost of insurance here is a joke.
 
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