Quinn Insurance in administration

[kermit]

http://www.irishtimes.com/newspaper/...010/0330/break ing32.html



Administrators appointed to Quinn Insurance companies
IRISH TIMES REPORTERS


The High Court has this morning appointed provisional administrators to Quinn Insurance, owner of Quinn Direct and Quinn Healthcare, on an application by the Financial Regulator.


Mr Justice John Cooke installed Paul McCann and Michael McAteer of Dublin accountancy firm Grant Thornton joint provisional administrators to the company in the High Court this morning after the Financial Regulator expressed serious concerns about the finances of the company and how it was being managed.


This in effect means that the State through the Central Bank and Financial Regulator has taken control of the country’s largest insurance company.


A spokesman for Quinn Group, the owner of Quinn Insurance, said that the company had no comment to make.


Lawyers for the regulator told the court it had been discovered that subsidiaries of the company had made guarantees in relation to the group’s assets in 2005 which has reduced the value of the assets by €448 million. Some directors of Quinn Insurance were unaware of the guarantees, lawyers for the regulator said.


The court heard the company had significantly breaches its solvency ratios. The company had moved from a position where it had an excess of assets over liabilities of more than €200 million to a position where it had €200 million of liabilities over assets.


The application was made by the regulator under the Insurance (No 2) Act 1983 this morning during a vacation sitting of the court. The act allows for a provisional administrator to be appointed on an ex parte application, meaning only one side was represented.

[Mebawsa Ritchie]

Bloody hell!

[bbhead]

so guess i have to go back to VHI?

this country is b****xed.

[Patman]

Ouch

[McCloud]

Looks like it's going to be a good news day all around....

[kermit]

so guess i have to go back to VHI?

this country is b****xed.

Not really. Just means that there are now 2 state owned health insurance companies.

[RobbieG]

Relates back to Anglo?

[Spike]

They are a nasty lot to deal with and have no scruples (I should know I'm a lawyer!).


If senior management and directors behave the same way they instruct their claims handlers to treat clients, claims and third parties then we are only seeing the half of it people...

[bbhead]

so guess i have to go
back to VHI? this country is b****xed.

Not really. Just means that there are now 2 state owned
health insurance companies.

I dont know. I think this coupled with the banking
announcement later today, things are not going to get any
better for a long long time.

[atitalldayref]

Holy cow,


Better not get sick just in case[img]smileys/shock.gif[/img]

[GEORGETHEBEST]

I only got out of hospital Sunday after being there nearly a week, hope i dont get a bill now !

[fitzy73]

Relates back to Anglo?

They've been put in administration because insurance companies have to maintain certain solvency ratios.


From the Irish Times

The company had moved from a position where it had an excess of assets over liabilities of more than €200 million to a position where it had €200 million of liabilities over assets.

Most insurance companies hold very little risky assets i.e shares, property.


Quinn had over 50% of it's assets in either property or shares [img]smileys/sad.gif[/img]

[lawrence]

best not be crashing the car today so

[Luimneach]

Relates back to Anglo?

Will be interesting to see greed on Quinns part surely played some part pity the employees I know a few of them interesting days ahead Quinn has other business interests aminly construction wonder how they are structured financially

[ListryMurphy]

What has Mr. Quinn done now? I bet he still makes the top 5 in next years rich list regardsless!!

[Mebawsa Ritchie]

What has Mr. Quinn done now? I bet he still makes the top 5 in next years rich list regardsless!!

Didn't he lose a significant proportion of his net wealth in the Anglo CFD debacle? [img]smileys/confused.gif[/img]

[McCloud]

What has Mr. Quinn done now? I bet he still makes the top 5 in next years rich list regardsless!!

Didn't he lose a significant proportion of his net wealth in the Anglo CFD debacle? [img]smileys/confused.gif[/img]

Thought the company was fined rather then an individual?

[Duffman]

State owned banks and insurance companies,

comrade biffo and bozo have some work to be doing

[Mebawsa Ritchie]

What has Mr. Quinn done now? I bet he still makes the top 5 in next years rich list regardsless!!

Didn't he lose a significant proportion of his net wealth in the Anglo CFD debacle? [img]smileys/confused.gif[/img]

Thought the company was fined rather then an individual?

It was, but Sean lost a packet personally.

[RobbieG]

What has Mr. Quinn done now? I bet he still makes the top 5 in next years rich list regardsless!!

Didn't he lose a significant proportion of his net wealth in the Anglo CFD debacle? [img]smileys/confused.gif[/img]

Thought the company was fined rather then an individual?

It was, but Sean lost a packet personally.

Didn't they buy up almost 40% of the Anglo shares? Lost close to €1billion. between him & the kids.

[The Outlaw]

What has Mr. Quinn done now? I bet he still makes the top 5 in next years rich list regardsless!!

Didn't he lose a significant proportion of his net wealth in the Anglo CFD debacle? [img]smileys/confused.gif[/img]

Thought the company was fined rather then an individual?

It was, but Sean lost a packet personally.

Didn't they buy up almost 40% of the Anglo shares? Lost close to €1billion. between him & the kids.

Lost more than a billion. closer to a billion anda half.

[Mebawsa Ritchie]

What has Mr. Quinn done now? I bet he still makes the top 5 in next years rich list regardsless!!

Didn't he lose a significant proportion of his net wealth in the Anglo CFD debacle? [img]smileys/confused.gif[/img]

Thought the company was fined rather then an individual?

It was, but Sean lost a packet personally.

Didn't they buy up almost 40% of the Anglo shares? Lost close to €1billion. between him & the kids.

Lost more than a billion. closer to a billion anda half.

Correct according to my info. Maybe even a little higher? That's a huge amount of moola to lose at any level of wealth.

[No. 16]

so guess i have to go back to VHI?

this country is b****xed.

Not really. Just means that there are now 2 state owned health insurance companies.

Just recently switched from Quinn to Aviva. You know - only just to help support Lansdowne Rd. though.

[The Outlaw]

What has Mr. Quinn done now? I bet he still makes the top 5 in next years rich list regardsless!!

Didn't he lose a significant proportion of his net wealth in the Anglo CFD debacle? [img]smileys/confused.gif[/img]

Thought the company was fined rather then an individual?

It was, but Sean lost a packet personally.

Didn't they buy up almost 40% of the Anglo shares? Lost close to €1billion. between him & the kids.

Lost more than a billion. closer to a billion anda half.

Correct according to my info. Maybe even a little higher? That's a huge amount of moola to lose at any level of wealth.

don't have much sympathy for him. Anyone who uses high margin calls on CFD's deserves everything they get in my view. They are by far the most reckless form of financial instrument out there.


The pity of it is he had to take the Irish economy with him.

[Benji]

Ya very wreckless but was rumours of one of the institutes
being in big trouble over the last few wks.

Quinn f**ked up anglo
All the other banks tried to keep up with Anglo
and now were all f**ked and by the end of the year the
goverment will own everything.
Its like playing Monopoly

[lahinch_lass]

oh bugger.. my health insurance is with Quinn, thankfully work pays for it but they only offer Quinn or VHI.. wonder if they'll offer Aviva now for those of us who were with Quinn.

[kermit]

oh bugger.. my health insurance is with Quinn, thankfully work pays for it but they only offer Quinn or VHI.. wonder if they'll offer Aviva now for those of us who were with Quinn.

You're still with Quinn. They're in administration. They've not gone under...

[jmccoy]

I will be keeping a keen eye on this as I have both my healthcare and
bikecare with them.

They cant be beaten on bikecare quotes at my age and licence level.

[munster cat]

I will be keeping a keen eye on this as I have both my healthcare and
bikecare with them.

They cant be beaten on bikecare quotes at my age and licence level.

That is one reason why they are in Administration. The Regulator told them to stop taking new business in the UK because they are losing money there. No business can keep selling below cost.Unfortunately a lot of other Quinn Group businesses will probably go under because of the Insurance company losses.

[bosh12]

What has Mr. Quinn done now? I bet he still makes the top 5 in next years rich list regardsless!!

Didn't he lose a significant proportion of his net wealth in the Anglo CFD debacle? [img]smileys/confused.gif[/img]

Thought the company was fined rather then an individual?

It was, but Sean lost a packet personally.

Didn't they buy up almost 40% of the Anglo shares? Lost close to €1billion. between him & the kids.

Lost more than a billion. closer to a billion anda half.

Correct according to my info. Maybe even a little higher? That's a huge amount of moola to lose at anylevel of wealth.

Is that the same secret info that Mr Quinn gave on RTE news last year where he specifically stated that he made losses of over 1bn on his Anglo investment?


Mattew Elderfield is certainly laying down the law on this one. All very very choreographed. I'd say they found a massive case of fraud and choose this week to announce it all.