Quinn Insurance enters administration

omahaid

http://www.irishtimes.com/newspaper/breaking/2010/0330/breaking32_pf.html

This is interesting news...

rovert

Is anything in Ireland not built on a foundation of bull****

omahaid

LOL, apparently not I don't fully understand administration, does this have any effect on customers?

Andrew33

omahaid wrote: »

http://www.irishtimes.com/newspaper/breaking/2010/0330/breaking32_pf.html

This is interesting news...

I've just settled a claim with Quinn, I suppose this means I'll never get the money:mad:

yuloni

This post has been deleted.

MaceFace

Holy Smoke Batman.

I was very pesimistic about the economy this morning, and this does nothing to help.

COYW

Bad news all round. To add insult to injury, insurance rates are going up again with the other insurers.

woodseb

bad news, looks like Quinns shady dealings weren't just limited to anglo

let's hope the regulator has got in early enough and not shutting the stable door after the horse has bolted

Mister men

Country is going down the tubes.

woodseb

woodseb wrote: »

bad news, looks like Quinns shady dealings weren't just limited to anglo

let's hope the regulator has got in early enough and not shutting the stable door after the horse has bolted

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.

FFS - the regulator asleep at the wheel again!:mad:

jmayo

Condi wrote: »

This post has been deleted.

I used to admire the guy but not since he got tied up with Anglo.
First Anglo had to resuce themselves and him by loaning to their friendly developers so that his CFDs didn't scupper the ship.
Now I believe Quinn may be the reason that Anglo was saved.

I heard a rumour that Quinn (Quinn group) have 2 billion in loans with Anglo ?

GoldenTickets

Mister men wrote: »

Country is going down the tubes.

Can't afford to pay my dues.

ifconfig

Just catching up on this story and listening to Newstalk.

I hear it doesn't apply to the Quinn Life business (separate entity).
Does this apply to the health insurance business ?

--ifc

woodseb

hopefully this can be sorted without too much of a mess, if the problem is only around EUR400mln - there may be a way to save the company through a sale or recovering the lost capital from the parent company

dan_d

I don't think anyone really has a proper understanding of the scale of 400 million euro.........BIG problem. Small compared to our banks problems, but still friggin enormous! More money than most of us will see in a lifetime.

jmayo

woodseb wrote: »

hopefully this can be sorted without too much of a mess, if the problem is only around EUR400mln - there may be a way to save the company through a sale or recovering the lost capital from the parent company

Bit of a problem with the parent company as most of their business empire has taken a hit due to construction collapse.
Besides they owe so much already.

Wasn't it nice how the Quinn family shared a 200 million divident from the group only a couple of months back. :rolleyes:

yuloni

This post has been deleted.

woodseb

dan_d wrote: »

I don't think anyone really has a proper understanding of the scale of 400 million euro.........BIG problem. Small compared to our banks problems, but still friggin enormous! More money than most of us will see in a lifetime.

it is a huge amount of money, but not that big and insurmountable in relation to an insurance company which was my point

Condi wrote: »

This post has been deleted.

i've heard a lot of good things about quinn from people i know around the cavan/fermanagh area but i think it's clear now that when he got into the areas of banking and insurance he was out of his depth and should have stuck to cement and glass

Dannyboy83

So the car/health insurance is gone now? or what?
Do I need to start looking around?

Would be handy to know!

woodseb

Full statement from the regulator

looks like Quinn UK is in trouble anyway

Following an application by the Financial Regulator, the High Court has today appointed joint provisional administrators to Quinn Insurance Limited. The Financial Regulator has taken this action in the interests of the firm’s policyholders.

Quinn Insurance Limited

Irish policyholders of Quinn Insurance Limited can continue to renew policies, carry out new business and make claims in the normal way.

The appointment of joint provisional administrators will better protect policyholders. It will allow the firm to remain open for business, to continue to be run as a going concern under different management and to put the business on a sound commercial and financial footing.

The Financial Regulator has an onsite presence in the firm to oversee its actions and to work with the new management. At the same time the Financial Regulator has commenced an investigation into certain matters within Quinn Insurance Limited that have very recently come to light.

Quinn Insurance Limited (UK)

In addition, the Financial Regulator has separately directed Quinn Insurance Limited to cease writing new business in the UK. Existing UK policyholders will not be affected by this decision as existing policies will remain valid. Customers can make claims in the normal way.

The effect of this action is to prevent Quinn Insurance Limited suffering further financial losses from its currently unprofitable UK business.

Quinn Life

These actions do not apply to the Quinn Life business, which is a separate entity. It is unaffected by these measures.

Hitchhiker's Guide to...

omahaid wrote: »

LOL, apparently not I don't fully understand administration, does this have any effect on customers?

Andrew33 wrote: »

I've just settled a claim with Quinn, I suppose this means I'll never get the money:mad:

Dannyboy83 wrote: »

So the car/health insurance is gone now? or what?
Do I need to start looking around?

Would be handy to know!

It's business as usual. Can't imagine it will have any effect on customers.

This is fundamentally a highly profit making company that's just facing a liquidity squeeze (unless there is some big hidden losses we haven't yet been told about).

Government can take it on and run it for a few years then sell it off, or more likely is that an outside insurance company will buy it.

jmayo

Condi wrote: »

This post has been deleted.

Well he never sent wine or pressies to me, anything i got form his group I damm well bought and paid for.
Having heard some stories from his workers he wasn't the great benevolent benefactor some might make out.
I always admired the guy for how he started up and always thought he was a role model, but not anymore.

I say screw him.
And the same goes for all the others that got tied up in the little Anglo boys club.
Their greed and little schenanagins will probably cost me and may family dear over the coming years.

F*** it lads I have had enough of this "ah shure he was a great fella, honest decent hardworking".
The country was hijacked by these people so that they could get very very rich.
They turned the place into a casino and now when it comes time to pay for their gambles, it is us the normal taxpayers and citizens of this country that are left looking at the bills.

The sooner we treat these people as the leeches they are the better.

irishh_bob

jmayo wrote: »

I used to admire the guy but not since he got tied up with Anglo.
First Anglo had to resuce themselves and him by loaning to their friendly developers so that his CFDs didn't scupper the ship.
Now I believe Quinn may be the reason that Anglo was saved.

I heard a rumour that Quinn (Quinn group) have 2 billion in loans with Anglo ?

was told by someone working for irish life ( six months ago) that anglo was saved so as to prevent quinn from going to the wall

woodseb

Quinn is putting out a statement now saying its disappointed with the regulator and the issue could have been resolved without administration as it is making profits of over EUR20mln a month.

I reckon this will be resolved sooner than later, looks like the regulator finally took the hard line in what it is supposed to be doing to force a company into compliance.

Seems it only took the near collapse of our banking insitutions to stop the financial regulator from taking the softly-softly approach:rolleyes:

Rob113

I think it will be hard for Quinn Insurance to pull back from this. If you had a business would you now pay them €30/40k for your insurance?
They might hold on to their car insurance with cheap premiums etc but i cant see them holding on to their commercial book of business.

Hitchhiker's Guide to...

Is there any state or industry protection for someone with insurance if an insurance company goes bust?

partyguinness

I can just see the other insurance companies laughing their bollocks off at the up start digger driver from Fermanagh....

maninasia

Get your Ryanair ticket. Like the song 'Destination Anywhere'.
I think Ireland is about to become the newest Communist state with all it's shiny recently acquired state owned companies.

LookingFor

Blanchardstown would lose a tonne of jobs if these boys were to go out of business. And knock-on effects for the shopping centre etc. (people pour out for lunch from the Quinn building there etc.).

Hopefully they get stuff in order. They could cut the advertising budget for starters. Seems slightly perverse to be so heavily advertising when you ongoing survival is in question.

partyguinness

LookingFor wrote: »

Blanchardstown would lose a tonne of jobs if these boys were to go out of business. And knock-on effects for the shopping centre etc. (people pour out for lunch from the Quinn building there etc.).

Hopefully they get stuff in order. They could cut the advertising budget for starters. Seems slightly perverse to be so heavily advertising when you ongoing survival is in question.

A bit like the Halifax campaign with Colm Meaney which was everywhere and then they just pulled the plug...

Tigger

Hitchhiker's Guide to... wrote: »

Is there any state or industry protection for someone with insurance if an insurance company goes bust?

nope

Dannyboy83

woodseb wrote: »

Quinn is putting out a statement now saying its disappointed with the regulator and the issue could have been resolved without administration as it is making profits of over EUR20mln a month.

20mln per month profit?
So why have my car insurance and health insurance both gone up by approx 10% and 12% then?

Where is our risk equalization now, eh?

Dannyboy83

maninasia wrote: »

I think Ireland is about to become the newest Communist state with all it's shiny recently acquired state owned companies.

LMAO, sher Michael Martin wants the Taoiseach to be returned automatically.

I was wondering why North Korea had sent Ireland greetings on Paddy's Day.:D

bmccaff

LookingFor wrote: »

Blanchardstown would lose a tonne of jobs if these boys were to go out of business. And knock-on effects for the shopping centre etc. (people pour out for lunch from the Quinn building there etc.).

Hopefully they get stuff in order. They could cut the advertising budget for starters. Seems slightly perverse to be so heavily advertising when you ongoing survival is in question.

Would have a much larger impact on Cavan with over 1000 employees. It is allready suffering with construction downturn and the same struggle as all border towns especially with the way sterling is going.
I believe they are trying to wind down Blanchardstown anyway and stay in Cavan and Navan base.

This announcement will make it very hard to attract new customers and keep existing ones which will make it difficult to keep it running as going concern.
I can understand why Quinn is so angry.

Late Late show will also be canncelled! More expense on the Taxpayer to keep it running

jmayo

Well folks it looks like Quinn is now lobbying ff ministers to try to get the regulator to back off warning that the Quinn Group have employees numbering over 5,000.

The group must be in serious trouble if they are resorting to this open level of pressure.

yuloni

This post has been deleted.

danbohan

jmayo wrote: »

Well he never sent wine or pressies to me, anything i got form his group I damm well bought and paid for.
Having heard some stories from his workers he wasn't the great benevolent benefactor some might make out.
I always admired the guy for how he started up and always thought he was a role model, but not anymore.

I say screw him.
And the same goes for all the others that got tied up in the little Anglo boys club.
Their greed and little schenanagins will probably cost me and may family dear over the coming years.

F*** it lads I have had enough of this "ah shure he was a great fella, honest decent hardworking".
The country was hijacked by these people so that they could get very very rich.
They turned the place into a casino and now when it comes time to pay for their gambles, it is us the normal taxpayers and citizens of this country that are left looking at the bills.

The sooner we treat these people as the leeches they are the better.

the only leaches are the public service types like you that never take a risk in their lives and then pore scorn on men like sean quinn who started with nothing and built an empire . typical of the attitude of irish people in general

jmayo

danbohan wrote: »

the only leaches are the public service types like you that never take a risk in their lives and then pore scorn on men like sean quinn who started with nothing and built an empire . typical of the attitude of irish people in general

First off dan I am not public service and if you bothereed ever reading any posts around here that would be very very apparent. :rolleyes:
Again the lesson is never jump to conclusions.
A pity some of our great high flyers that are lauded didn't do the same.

I am just one of those that don't like paying for others greed, mismanagement and fu** ups.

Second I sure hope you are happy and still lauding sean quinn when you invariably are paying higher taxes, all the while getting less services becuase the empire that the mighty sean quinn built has left a mountain of debts on our shoudlers.
2.8 billion his group owe Anglo, which btw is now owned by us the taxpayers (well I am one anyway).

sean quinn built a number of viable and successful business and then decided maybe he would like to own a bank.
Maybe he got wind of how they did things in Iceland ?
Anyway some of his decisions to own a good chunk of a bank have and will cost us taxpayers billions.
Thanks mr quinn, thanks a freaking lot.

Perhaps since you are so enamoured with the guy you will cover my portion of any debts he leaves the taxpayer ?

jmayo

Condi wrote: »

This post has been deleted.

From RTE website and it is all over p.ie

The board of the Quinn Group, which owns Quinn Insurance, has reacted angrily to the regulator's action.

It has sent a letter to all Government ministers warning that the regulator's move would put 5,500 jobs in Ireland at risk unless 'immediately reversed'.

The letter describes the regulator's action as 'highly aggressive and unnecessary', adding that it would make the repayment of its outstanding debt extremely difficult.

It says Quinn Group is on target to make profits of up to €1.2bn over the next three years and adds that the group is 'on schedule' to pay back all money borrowed from financial institutions.

The board asked why the regulator was taking this action now when it and its insurance subsidiary were in a position to meet all their cash obligations.

The Quinn Group says being placed in provisional administration 'is deeply disappointing in the context of the continued profitability of the group which is currently in excess of €20m per month'.

'We feel that this issue could have been resolved to the benefit of all in a relatively short space of time and we will be working with the regulator and the provisional administrators to resolve all outstanding matters,' read the statement.

Quinn says the business continues to trade as a going concern and that all other group businesses are unaffected.

Correction I had said ff ministers when it also includes the one of no party and 6 muppets from ff lite.
They are all the same to me, detestable gombeens who are signing away my kids future as we speak.

danbohan

jmayo wrote: »

First off dan I am not public service and if you bothereed ever reading any posts around here that would be very very apparent. :rolleyes:
Again the lesson is never jump to conclusions.
A pity some of our great high flyers that are lauded didn't do the same.

I am just one of those that don't like paying for others greed, mismanagement and fu** ups.

Second I sure hope you are happy and still lauding sean quinn when you invariably are paying higher taxes, all the while getting less services becuase the empire that the mighty sean quinn built has left a mountain of debts on our shoudlers.
2.8 billion his group owe Anglo, which btw is now owned by us the taxpayers (well I am one anyway).

sean quinn built a number of viable and successful business and then decided maybe he would like to own a bank.
Maybe he got wind of how they did things in Iceland ?
Anyway some of his decisions to own a good chunk of a bank have and will cost us taxpayers billions.
Thanks mr quinn, thanks a freaking lot.

Perhaps since you are so enamoured with the guy you will cover my portion of any debts he leaves the taxpayer ?

i am no fanboy of sean quinn or the rest especially our politicians , but he provides 5000 + jobs, a lot them in areas that have very little other employment , its a very simplistic attitude to base all the problems in banking sector here on all individuals like sean quinn. ogh and by the way
how many people do you employ ?

D-Generate

I used to work in a major insurance company and it was speculated for the past few years at least that Quinn Insurance would go under. They just had unsustainable growth much like PMPA did back in the day and their premiums were not adequately matching the risks they took on. Basically it seemed that they took on any risk at all as long as they were getting the money in their pocket.
Whilst it is only Quinn Ins that is in administration, the rest of the empire is built off of the insurance arm and it was seen as the cash cow. Time to see if the others go under too.

I wish incompetence in a job was grounds for a prosecution because the old financial regulator, Neary, could do with a few years in Mountjoy for missing all those glaring examples of companies with dodgy accounts (Anglo, Quinn etc).

jmayo

danbohan wrote: »

i am no fanboy of sean quinn or the rest especially our politicians , but he provides 5000 + jobs, a lot them in areas that have very little other employment , its a very simplistic attitude to base all the problems in banking sector here on all individuals like sean quinn. ogh and by the way
how many people do you employ ?

Well danboy are you a fan of jobs at any cost ?
Because if you are you should trundle off to Fás, where it appears to be motto.
As I said he built viable successful businesses, they created jobs and he made money, he gave alternatives to CRH in the cement market.
That's all great, but what he did in Anglo is definetly not great and directly affects me and all the other taxpayers of this country.
That bank collapsed due to some of the stuff it was involved in and some of the transactions it was carrying out.

I am not basing all the banking problems on his shoulders, but his little deals to take over a big chunk of Anglo have cost billions.
His group owes billions to that bank.
That bank is now owned by us.

It is none of your business how many people I do or do not employ.
Suffice to say anyone who has ever worked for me has not left the taxpayers of Ireland holding debts.

yuloni

This post has been deleted.

jmayo

Condi wrote: »

This post has been deleted.

Don't worry you are being signed up as we speak to contribute 30,000 or some such to the cause.
22,000 per person for Anglo alone.
National debts looks like doubling overnight.
Biffo and boys thank you.

IrishTonyO

Condi wrote: »

This post has been deleted.

Your under a rock it was live on RTE radio and television and most radio stations

yuloni

This post has been deleted.

oldyouth

partyguinness wrote: »

I can just see the other insurance companies laughing their bollocks off at the up start digger driver from Fermanagh....

I think you are right and the problem with that is they will all start increasing their premiums now that they might not have to compete with the yellow pack prices Quinn was offering.

Like him or loathe him, he has kept the market competitive up to now. Even if there is no extra levy on premiums if a bail out is necessary, we'll all be paying higher insurance soon

Zynks

danbohan wrote: »

the only leaches are the public service types like you that never take a risk in their lives and then pore scorn on men like sean quinn who started with nothing and built an empire . typical of the attitude of irish people in general

Not interested in the public/private sector debate, but there is a significant difference between entrepreneurship and speculation, and it seems to me that this border was well crossed.

randylonghorn

danbohan wrote: »

how many people do you employ ?

Are only those who employ people entitled to an opinion now? Maybe they should be the only ones allowed a vote? It will be a damn small electorate after the last couple of years, should save us a lot in running costs for elections at least.

oldyouth wrote: »

I think you are right and the problem with that is they will all start increasing their premiums now that they might not have to compete with the yellow pack prices Quinn was offering.

I suspect 123.ie will be delighted to put themselves forward as the Ryanair of insurance, I've noticed them putting out feelers over the last while.

Actually I'm somewhat surprised Ryanair / Michael O'Leary have never put themselves forward as the Ryanair of insurance in Ireland ...

baalthor

They started talking about this two years ago on the Property Pin ...

Interestingly, despite NAMA and Quinn being the top two stories today, no-one on RTE TV news or Primetime (so far) has mentioned the link between Anglo and Quinn.

AlekSmart

The Financial Regulator has an onsite presence in the firm to oversee its actions and to work with the new management. At the same time the Financial Regulator has commenced an investigation into certain matters within Quinn Insurance Limited that have very recently come to light.

There can be little doubt but this is ALL about the Quinn/Anglo punt which Sean Quinn uncharacteristically chased all the way to the door of bankruptcy.

Something has obviously arisen to frighten the frillies off the Financial Regulator.
It should also be noted that Paddy Neary is well and truly gone and with him the ancien regeime of light touch regulation.

Anglo-Irish Bank it appears has become somewhat like a financial STD in Irish Business Circles with a rate of transmission akin to an Australian bush-fire.

My guess is the Garda interviews of Sean Fitzpatrick,Willie McAteer and,from afar David Drumm,threw up some interesting leads which when even tentatively followed led to todays frenzy of regulation.:mad: