March - Quinn Insurance go into Administration

Quinn Insurance Goes into the hands of Administrators !

The High court in Dublin has placed Quinn Insurance into the hands of administrators. The decision was made after the Financial Regulator expressed serious concerns about the company's finance and how it is being managed.

The regulator decided to take this course of action due to the company having moved from a position where it had an excess of assets over liabilities of more than 200 million euros to a position where it had 200 million euros of liabilities over assets and as a result the regulator claimed it had significantly breached its solvency ratios.

Paul McCann and Michael McAteer have been appointed as provisional administrators and will take over the management of the business of Quinn Insurance Limited. They will carry out the business as a going concern with a view to placing it on a sound financial and commercial footing.

The company trades as Quinn Insurance UK and in a separate development, the regulator has directed Quinn Insurance to cease taking on new business in the UK to prevent the company "suffering further financial losses from its currently unprofitable UK business".