Quinn Insurance group: administrators just appointed

dodohert · 30-03-2010 01:06PM

Ah feck I have a claim pending with them.......hope it's sorted before they go under.

ixoy · 30-03-2010 01:07PM

partyguinness wrote: »

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

Going under administration doesn't mean thousands of people will lose their jobs (although, inevitable, some of the workforce will).

partyguinness · 30-03-2010 01:08PM

ixoy wrote: »

Going under administration doesn't mean thousands of people will lose their jobs (although, inevitable, some of the workforce will).

I appreciate that...I am just commenting on what other posters are stating/wishing.:(

30-03-2010 01:10PM

partyguinness wrote: »

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

So many people have been royally screwed by them.. It's a natural reaction.
Call me a prick but I hope the girl who fuked me over and surely countless others is ruined.

ash23 · 30-03-2010 01:10PM

Statement from the Financial Regulator

Statement 30 March 2010
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

missyfirefly · 30-03-2010 01:10PM

walshkvn wrote: »

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

Don't think there was ever any doubt in the case of Quinn - Sean Quinn lost €2.5bn because of his dealings with the now nationalised Anglo Irish Bank. He's now number 10 in the irish Rich list worth €845m.

Kev37 · 30-03-2010 01:14PM

Bollix they're the only insurance that do cheap insurance for motorbikes!

Bonito · 30-03-2010 01:14PM

SV wrote: »

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!

I'm still being raped but I let Axa do it this year. They're far less pushy than Quinn :pac:

m5ex9oqjawdg2i · 30-03-2010 01:30PM

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.

It's companies like quinn insurance that drove down the price of insurance in some areas. Whatever their policies may be.

SV wrote: »

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!

Why can you not go to another company with the NCB you have already?

TheZohan wrote: »

Yes.

The advice I recieved from somebody in the know was to change companies, asap... How serious this is, I do not know.

Penisland wrote: »

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!

They may still go under. Seanie boy made a right balls of his investments a few years ago...

Jip · 30-03-2010 01:34PM

dodohert wrote: »

Ah feck I have a claim pending with them.......hope it's sorted before they go under.

Administration does not necessarily mean the company is going under.

Run_to_da_hills · 30-03-2010 01:36PM

Jip wrote: »

Administration does not necessarily mean the company is going under.

The ship has hit an iceberg, time to get out the life jackets.

the_dark_side · 30-03-2010 01:41PM

over charging, huge increases on premiums, public liability insurance for businesses based solely on the annual turn-over of the company.... all for one reason, to feed the gapping maw of the black hole which is Anglo Irish Bank

gleep · 30-03-2010 01:41PM

Reading between the lines, what they've been doing is using policy holder's premiums as guarentees for other areas of the business. These guarentees where in the form of investments. The investments have now lost most of their value and the creditors wnt paying back, leaving their pot of cash to cover claims seriously depleted. I wonder how much was invested in Anglo????

partyguinness · 30-03-2010 01:59PM

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

Farls · 30-03-2010 02:02PM

cornbb wrote: »

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

I was referring to Sean Quinn himself, not a business his name is on that he has already stepped down from the board last year.

I find it quite shocking the amount of small minded people here that get rubbed up the wrong way once and wish thousands out of jobs.

witnessmenow · 30-03-2010 02:05PM

My insurance is up tomorrow with them, should i renew? If i do renew I'll definitely be paying with the old mastercard!

In fairness to Quinn they have always been way cheaper than anyone else for me

Next years insurrance:
Quinn: €650 - with my 26 y/o learner driver brother (€580 without)
FBD: €780 -without the brother

Said it to the women at FBD I wouldn't be going with them as they were way dearer than quinn. She replied "they don't offer the same benifits as us" I asked what they were, "breakdown assist and windscreen cover", but they are covered in my Quinn Policy....

EDIT: "claimed" 3 times off them over the last 3 years, New drivers door window, new windscreen and breakdown assist and all 3 were effortless (and did not effect my NCB), although saying that I wouldnt want to test out there real claims department !

cornbb · 30-03-2010 02:08PM

Farls wrote: »

I was referring to Sean Quinn himself, not a business his name is on that he has already stepped down from the board last year.

The same Sean Quinn who acquired Anglo loans secured against Anglo shares? I thought we were long past encouraging that type of "entrepreneurship", obviously we're not.

I find it quite shocking the amount of small minded people here that get rubbed up the wrong way once and wish thousands out of jobs.

I too expressed my sorrow that people might lose their jobs. Let's not confuse the issues here.

Zascar · 30-03-2010 02:12PM

landsleaving wrote: »

http://www.comparethemeerkat.com/

Is that UK only or does it work for Ireland too? I don;t want to spend 10 mins signing up if its not going to work
Are there any comparison sites for Irish insurance etc companies?

Farls · 30-03-2010 02:16PM

cornbb wrote: »

The same Sean Quinn who acquired Anglo loans secured against Anglo shares? I thought we were long past encouraging that type of "entrepreneurship", obviously we're not.

The Sean Quinn that started off with a small plot of land in Fermanagh little over 30 years ago and a few fencing posts and built up a multi-national portfolio of businesses across such a wide and diverse range that is almost mind boggling considering the man doesn't even have a mobile phone yet!

He has made mistakes in the last number of years but who hasn't, and how much of those mistakes are down to so called 'advisors' when ever you take off your blinkers let me know. :rolleyes:

SV · 30-03-2010 02:23PM

Nash Yummy Halogen wrote: »

Why can you not go to another company with the NCB you have already?

because with the car I have, any less than that along with my age means I get raped!

Farls · 30-03-2010 02:41PM

SV wrote: »

because with the car I have, any less than that along with my age means I get raped!

So what your saying is Quinn is saving you money?

SV · 30-03-2010 02:47PM

Farls wrote: »

So what your saying is Quinn is saving you money?

Erm yes?
Doesn't stop them being absolute cúnts about it and absolutely useless when it comes to service.

patwicklow · 30-03-2010 02:47PM

i was with quinn for years but started to get messed about the call center is very badly run and i think a lot of money grabbing went on after anglo shares went to the wall and they pushed and pushed to get the last few bob outa ya,
hence thats why they,v gone to the wall. to much greed going on now a days
and your only seen as a number, and not a human being...

msg11 · 30-03-2010 02:56PM

I really can't see the company going to the wall to be honest. I'm sure someone will invest money and take over the company. It fills a huge gap in the market for young drivers and saves alot of money for people who want cheap insurance.

As for the people who have crashed and had a bad time with them, I wonder did it stop you renewing your policy with them?

I had a bit of a daylight robbery job with them when I wanted to cancel my policy, cost me a fair bit 600euro or so. But when I go to reinsure the car again, quinn are still the cheapest around so back to them I guess.

baalthor · 30-03-2010 02:58PM

Farls wrote: »

He has made mistakes in the last number of years but who hasn't,

Losing over a billion quid through share speculation is some f***ing mistake!

Kiera · 30-03-2010 03:00PM

patwicklow wrote: »

i was with quinn for years but started to get messed about the call center is very badly run and i think a lot of money grabbing went on after anglo shares went to the wall and they pushed and pushed to get the last few bob outa ya,
hence thats why they,v gone to the wall. to much greed going on now a days
and your only seen as a number, and not a human being...

Yup their call centre is a joke, thats why i left. I know the like of Axa do young drivers now. My little bro who is 18 got his with Axa cheaper than what Quinn were quoting him.

m5ex9oqjawdg2i · 30-03-2010 03:02PM

SV wrote: »

because with the car I have, any less than that along with my age means I get raped!

Ah ok no worries... What car have ya got? :P

Dionysus · 30-03-2010 03:06PM

partyguinness wrote: »

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

Yep, and I can also see that the guy with the upstart digger driver mentality will be back wiser than ever. He's come a long way.

By the way, I made a claim with FBD in the past year and they settled it very quickly, within a week or two if I recall. I wouldn't go near Quinn as they sought too much private information just for a simple quote. But I certainly do respect the ambition and achievements of the guy who was brought up on a small farm in Fermanagh and bypassed the rest of them to become the richest man in Ireland.

If he does go under and the Irish taxpayer has to bail him out, I do hope that the hundreds of millions which he put in a trust fund for his children is taken to repay us.

whatdoicare · 30-03-2010 03:12PM

I always found Quinn lovely to deal with, my quotes go down every year, never been on hold, lovely people on the other end (not indian call centres) once I rang to get my "I passed my test" discount and the guy cheered for me! I just got an extra 140 euro discount for making no claims.

My dads windows got smashed in by students last year and they had it all paid, fixed, done and dusted by the next evening- no fuss, no muss.

Hope they don't go under as I have all my insurance policies with them and I don't want to change - love them!

Jip · 30-03-2010 03:13PM

msg11 wrote: »

I had a bit of a daylight robbery job with them when I wanted to cancel my policy, cost me a fair bit 600euro or so. But when I go to reinsure the car again, quinn are still the cheapest around so back to them I guess.

Does not really compute, if you had been with another insurer which for arguments were €100 more expensive, you'd have an extra €500 in your pocket.

Everybody who is posting stories about the fast resolution of claims are only about minor windscreen and window claims, it's accident and theft claims are the issue.

And the tax payer won't be bailing them out, that won't happen again after the ICI debacle, then again the state is in FFs hands.

Quinn Insurance group: administrators just appointed

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