Quinn Insurance group: administrators just appointed

Dionysus · 30-03-2010 12:03PM #1

Now this is surprising, if not shocking, when one considers that Seán Quinn, Ireland's richest man, is also the person who is Anglo-Irish Bank's biggest customer and the demise of whose companies the government is concerned about due to the thousands of people whom he employs.

http://www.rte.ie/news/2010/0330/quinn.html

The story hasn't made The Irish Times website yet.

Winty · 30-03-2010 12:05PM

Am I still OK to drive my car

Kiera · 30-03-2010 12:06PM

Tuesday, 30 March 2010 12:02
The High Court has appointed two joint provisional administrators to the Quinn Insurance Group.
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.

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.

For those on mobile.

cornbb · 30-03-2010 12:07PM

Good riddance. Bunch of cowboys, in my experience. To anyone who thinks Quinn motor insurance are decent, wait til you need to claim from them.

bladespin · 30-03-2010 12:09PM

cornbb wrote: »

To anyone who thinks Quinn motor insurance are decent, wait til you need to claim from them.

I had no problems with them, bike or car, were very helpful when I had a tip in the car last year.

Also worth remembering how many they employ, anyway it's not closed just put in admin.

genericguy · 30-03-2010 12:09PM

Winty wrote: »

Am I still OK to drive my car

no, if you drive your car today you may end up with AIDS.

Kiera · 30-03-2010 12:10PM

cornbb wrote: »

Good riddance. Bunch of cowboys, in my experience. To anyone who thinks Quinn motor insurance are decent, wait til you need to claim from them.

Yeah i started off with them but found their customer care less than desirable so changed. They're only good for young guys to get insurance.

Wazdakka · 30-03-2010 12:12PM

Quinn have a well deserved reputation for being a complete bunch of bastards..

I was crashed into by someone insured with them a few years ago.. Car was a right off.. hurt my neck quite badly.
Even getting the cost of my treatment out of them was like getting blood from a turnip.

Richard tea · 30-03-2010 12:12PM

cornbb wrote: »

Good riddance. Bunch of cowboys, in my experience. To anyone who thinks Quinn motor insurance are decent, wait til you need to claim from them.

I second that comment. My insurance went from 610 euro up to 1820 euro after a claim. :mad: I ended up switching to another insurer for 1000 euro.:rolleyes:

walshkvn · 30-03-2010 12:13PM

just goes to show that no company is unaffected by this recession ... there will be more before it gets better.

cornbb · 30-03-2010 12:14PM

bladespin wrote: »

I had no problems with them, bike or car, were very helpful when I had a tip in the car last year.

Also worth remembering how many they employ, anyway it's not closed just put in admin.

Car insurance. I won't go into the full story, but they made my life a misery and treated me like a crook for making a theft claim. I'm with Axa now, and funnily enough an Aviva ad is on this page as I type.

Full sympathy for anyone whose job might be in jeopardy. I've just remembered I have a friend who works there

SV · 30-03-2010 12:21PM

Nice one.

Delighted for them.. I'm in my final year with them anyway, 3 years NCB means other insurance companies are no longer lining up to rape me!

BearsyBoo · 30-03-2010 12:22PM

delighted, absolutly despise them

bonerm · 30-03-2010 12:23PM

Was never insured by them but I used to work a job where I'd have to ring up the customer service centre of pretty much every insurance broker in the country several times a day. To this day I can clearly remember Quinn were always by far the worst. On hold for 20-30 minutes (compared to 20-30 seconds for the others) sometimes and then you'd be met by the dosiest shower of eejits imaginable. If they're the kind of people losing their jobs then it's not *that* much of a loss.

partyguinness · 30-03-2010 12:29PM

I was with them for 2 years then my premium went up by over €300 at renewal for no apparent reason....reapplied through the website and I was quoted €400 less....

I rang them to say this and they "Okay we will renew for that price." Fúckers..

I told them to get lost as AXA was still cheaper...

They try to catch you by hoping that you wont bother shopping around..

But they still provided cheap insurance for people that struggled when starting out..so it is a big loss despite our personal grievences.

jimmyendless · 30-03-2010 12:34PM

Any lost competition in the this country is very bad, and quinn were good for bike insurance compared to others.

Mister men · 30-03-2010 12:34PM

wardy32 wrote: »

delighted, absolutly despise them

Yeah always good to see people lose their jobs is'nt it.

genericguy · 30-03-2010 12:36PM

bonerm wrote: »

Was never insured by them but I used to work a job where I'd have to ring up the customer service centre of pretty much every insurance broker in the country several times a day. To this day I can clearly remember Quinn were always by far the worst. On hold for 20-30 minutes (compared to 20-30 seconds for the others) sometimes and then you'd be met by the dosiest shower of eejits imaginable. If they're the kind of people losing their jobs then it's not *that* much of a loss.

essentially every person I went to school with that has an honest job works in the quinn insurance office in blanch. i remember years of "Ph.D? get outta bleedin' school will ye, age of ye. gerra job here man, 25 grand for nuttin!"

i've my popcorn and my mobile phone ready for when the redundancies are announced.

--Kaiser-- · 30-03-2010 12:42PM

I heard a lot of guff about Quinn, but they were the only company that would quote me on my car (modified Japanese import) so I was stuck with them.

The car was written off last year and the other party admitted liability (also with Quinn). I must admit I had to ring them every day for about 2 weeks to get them off their ass (I think this is the same with most insurance companies) and sort it out, but in the end they gave me a reasonable settlement for the car (more than the market value actually) and sorted out a rental car for me fairly quickly while I shopped for a new car. So I've got no real complaints about them.

Farls · 30-03-2010 12:44PM

Can anyone name an insurance company that likes to hand out money with no quibbles when your involved in an accident???

Quinn Employs thousands of people in this country (for the most part Irish) and is an example to every budding entrepreneur out there. I for one hope this is only a flash in the pan as I remember hearing a few years back that if Quinn Insurance is in trouble then the Quinn Group as a whole is in trouble.

mikom · 30-03-2010 12:44PM

I blame Tubridy.

TheZohanS · 30-03-2010 12:46PM

Winty wrote: »

Am I still OK to drive my car

Yes.

The Financial Regulator has said Quinn Insurance's Irish policy holders can continue to renew policies, carry out new business and make claims in the normal way.
It said the appointment of administrators would better protect policy holders.

30-03-2010 12:52PM

So glad to see this, they did me out of over 500 in December.. Pack of ****.

And this is the only set of people i'm happy to see lose their jobs.. On the phone she agreed that I was getting completely screwed.. I wanted to kick the shlt out of her by the end of the call.

... ****. They didn't pay out for my brother before aswell.

star.chaser · 30-03-2010 12:55PM

cornbb wrote: »

Good riddance. Bunch of cowboys, in my experience. To anyone who thinks Quinn motor insurance are decent, wait til you need to claim from them.

agree with you there. didn't have to claim but had an issue and had to contact "customer service" a few times. what an ignorant shower of cnuts. serious attitude problems. really hope they all lose their jobs.

Farls wrote: »

Can anyone name an insurance company that likes to hand out money with no quibbles when your involved in an accident???

eagle star (through 123) i had no trouble claiming off them. just filled out a form. had my car repaired and back to me in four days. had a courtesy car for the four days even though i was on a provisional.

partyguinness · 30-03-2010 12:58PM

It's very disheartening to see posters hoping that thousand's of people lose their jobs......:(

cornbb · 30-03-2010 12:58PM

Farls wrote: »

Can anyone name an insurance company that likes to hand out money with no quibbles when your involved in an accident???

No, but an insurance company shouldn't start out by assuming you are trying to defraud them, which they appeared to do in my case.

Quinn Employs thousands of people in this country (for the most part Irish) and is an example to every budding entrepreneur out there.

They are hardly a shining example if the financial regulator has "serious concerns" about the way the business is run.

30-03-2010 01:01PM

I had a bad experience with them also but to all the other posters saying "great to see them gone" etc. - that's foolish. They employ a lot of people in Ireland so if it gets to the point where they have to close their doors that's a lot more people on the dole.

GalwayKiefer · 30-03-2010 01:02PM

As has been pointed out over in the motoring section (and by jimmyendless on this thread), if Quinn go under it'll be a big blow to young/first time motorcyclists trying to get cover thats not at a Bend-Over-And-Take-It rate. Still, its only administration for now so no need to panic just yet.

Penisland · 30-03-2010 01:03PM

Maybe they will take back their remarks about not insuring people from Tallaght!!

Its only provisional admin and they are still in profit so they are here to stay!

landsleaving · 30-03-2010 01:05PM

http://www.comparethemeerkat.com/

30-03-2010 01:05PM

The regulator says it is because of problems with the capital backing it up - this isn't surprising given how much Mr Quinn seems to have lost.

Someone external will probably come in and take it over / recapitalize it.

Quinn Insurance group: administrators just appointed

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