Quinn Insurance in administration
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Quinn Insurance Limited has been placed into provisional administration, according to the Financial Regulator in Ireland.
Following an application to the High Court, joint provisional administrators have been appointed.
Quinn is based in Ireland and the lead regulator is the Irish Financial Regulator. The FSA says it is working closely with the Irish authorities.
Quinn’s UK branch, Quinn Insurance Limited or Quinn Direct, specialises in motor and professional indemnity insurance and has now closed to new business.
The Irish regulator has confirmed that existing policyholders in the UK will continue to be covered. It says customers of the firm can continue to make claims and should continue to pay direct debits and premiums in the normal way.
The Irish regulator says it has an onsite presence in the firm to oversee its actions and to work with the new management. It has also commenced an investigation into certain matters within the firm that have come to light very recently.
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Readers' comments (1)
Anonymous | 30 Mar 2010 6:56 pm
We've seen this as an accident waiting to happen for some time now. Premiums too cheap.
Then the regulators never look at price do they?
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