Quinn Insurance update

5th May 2010

900 redundancies at Quinn

The administrators last week announced plans to make 900 Quinn Insurance staff redundant. It is reported in the Irish Times that the Administrators are expected to spend this week working on a detailed actuarial examination of its commercial lines of business in the UK before presenting proposals to the Financial Regulator about potentially re-entering parts of this market. It is understood this work could take up to 10 days to complete. A business plan for the commercial lines in the UK is likely to be presented to the regulator some time next week. The regulator has already allowed the administrators - Grant Thornton's Paul McCann and Michael McAteer - to re-enter the UK motor market.
4th May 2010

UK forces Quinn to cut jobs

Quinn administrators Paul McCann and Michael McAteer of Grant Thornton plan to cut jobs as Quinn is only partially allowed to re-enter the UK market. They said that the UK business will be "significantly reduced compared to the levels prior to administration", and that it was likely that "customers" understanding of the administration process would impact some of the company's ROI business lines". "As a result, and regrettably, staff levels are unlikely to continue as is. The administrators are as a matter of urgency continuing to liaise with the Financial Regulator to re-instate other UK business lines, as per the business plan submitted to his office last week."
23 April, 2010

Financial Regulator's statement:

"The Financial Regulator has today modified the direction issued to Quinn Insurance Limited 'QIL' (under administration) on 30th March 2010 to permit the company to write motor insurance cover for provisional driver licence holders in the United Kingdom (including Northern Ireland). "The Financial Regulator has taken this decision after careful consideration and analysis of information provided by the administrators of QIL in relation to important improvements in the company's underwriting model and significant strengthening of its pricing structure. The Financial Regulator consulted closely with the United Kingdom's Financial Services Authority prior to making its decision. "The Financial Regulator continues to work closely with the administrators of QIL in relation to their obligations to restore the company to a sound commercial and financial footing."
22 April 2010

Quinn Update

On Thursday 15th April Quinn withdrew its objection to administration and the firm was placed into full administration. It is reported that the group has drafted in Murdoch Mckillop of London corporate rescue experts Talbot Hughes Mckillop as an interim executive director. It remains to be seen when or if Quinn's UK operation will be allowed to trade.
16th April 2010

Quinn Hearing Adjourned

It is reported today that the High Court hearing in which the Financial Regulator was to present its case for putting Quinn into full administration has been adjourned until Monday 19th. This followed receipt of a lengthy affidavit from Quinn Insurance which required consideration. The uncertainty for existing UK policyholders goes on and in the meantime, policies falling due for renewal are likely to continue to be declined.
12th April 2010

Quinn Insurance

The Irish Times reports that the Financial Regulator is planning to proceed with its case to put Quinn Insurance into full administration today Monday 12th April, in a full High Court Hearing. It is reported that Quinn has to find 700m euro to meet the Regulator's requirements - a figure that Quinn themselves strongly dispute. Anglo Irish bank which is owed approximately 2.8bn euro by the group is working closely with interested parties to find an acceptable solution.
12th April 2010

Quinn Insurance

The ban on Quinn trading in the UK currently remains with the Joint Provisional Administrators advising that renewal terms will not be offered past 6th April 2010.
9th April 2010