Anyone with Quinn Direct?

merlin

merlin

merlin

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Quinn direct in administration as of this morning.

Better get yourself some non-***** car insurance quick sharp. :)
 
And this is why i don't use small companys for something important like car insurance!

Lots of people will have lost a big chunk of money due to this.
 
Six6siX said:
Out of interest, what happens to those who have policies with Quinn now? Are they effectively uninsured?
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In theory the existing policies remain current, it's just that the insurer can no longer write new business.

In practice however people will stop their monthly instalments and run to another insurer like their butt holes were on fire. No-one wants their car insurance to be with a company that is going under. No-one.

The Administrators will have a job and a half trying to sell on the existing book of business as a going concern - the market won't want it - at any price - because it's already universally known to be a poor quality book of business that is substantially under-priced.

Hello Mr Insurer - would you like to bid on this book of business that is presently losing £1m a week? Errr, thanks, but how does "NO" sound?
 
Administrators appointed to Quinn Insurance companies

The Irish Times takes no responsibility for the content or availability of other websites

The High Court has this morning appointed provisional administrators to Quinn Insurance, owner of Quinn Direct and Quinn Healthcare, on an application by the Financial Regulator.

Mr Justice John Cooke installed Paul McCann and Michael McAteer of Dublin accountancy firm Grant Thornton joint provisional administrators to the company in the High Court this morning after the Financial Regulator expressed serious concerns about the finances of the company and how it was being managed.

This in effect means that the State through the Central Bank and Financial Regulator has taken control of the country’s largest insurance company.
A spokesman for Quinn Group, the owner of Quinn Insurance, said that the company had no comment to make.

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.

The application was made by the regulator under the Insurance (No 2) Act 1983 this morning during a vacation sitting of the court. The act allows for a provisional administrator to be appointed on an ex parte application, meaning only one side was represented.

Source : irishtimes.com - Last Updated: Tuesday, March 30, 2010, 11:35
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oneale90 said:
****, Am I best to ring them to find out exactly where I stand? I hope im still bloody coverd!
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If you find out feel free to post as i'm currently insured with them as well and would like to know :)

luckily only for another 2 months but hopefully i wont loose the years NCB!
 
Howard said:
http://news.bbc.co.uk/1/hi/northern_ireland/8595018.stm



Are they that bad an insurance company then? Don't think I got a quote with them when I last rang around
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How does £2700 sound? :cool:

It was rather bent towards the end how provisional license holders got cheap insurance yet when they passed with a full license the premium increased...

http://www.postonline.co.uk/post/news/1598943/quinn-ignores-regulator-continues-sell-uk-policies

Deary me...ignoring financial regulators and still selling policies :eek:
 
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mine isnt to bad qith QD, every other one in about £100 more so i just went with them. A £100 is £100 at the end of the day.

I may start ringing round for a deal at least
 
[TW]Fox;16263914 said:
owned.

ISTR countless 'Quinn are not worth going with' 'But I saved 20p!!' threads.
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When i started driving they were a god send, over £50 a month cheaper. I was on peanuts so needed all the money I could get/save.
 
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