Quinn in Administration

K_and_N

I'm also with Quinn..:(

Should I switch immediately?

Thanks.

marmul

My son works for Quinns, staff received an email today to say administrators had been called in, even the managers found out this way, really worried now hes going to be out of a job!

Aletank

My Girlfriends new policy (car) starts on 1st April and she has paid in full by credit card.
What will happen/should she do ?

mattymoo

Aletank wrote: »

My Girlfriends new policy (car) starts on 1st April and she has paid in full by credit card.
What will happen/should she do ?

Tricky - Quinn have been barred from writing new business in the UK. Although already paid the policy is effectively new business since it does not come into effect until Thursday.

You need to call and see what is happening. You may need to arrange an alternative policy. I do not foresee any problems getting the credit card refunded, it is administration, not liquidation.

oystercatcher

Oh nooooooo ! I just paid them almost £2 K last night to open a policy for my son !!
I did pay by credit card so hopefully have some sort of insurance from them!

raskazz

Great news for everyone apart from Quinn employees. I'm just surprised that this has taken so long to unravel, as (at least in motor) if you analyse their underwriting month on month they are all over the shop with no rhyme or reason behind their rating changes. I can only assume that they kept periodically slashing rates to generate cashflow from new business, which is hardly a sustainable way to underwrite motor insurance.

MYLITTLESISTERLOLA

Reports so far say everything will continue as normal, they are still honouring current insurance and taking new business
I wouldn't be too worried

raskazz

MYLITTLESISTERLOLA wrote: »

Reports so far say everything will continue as normal, they are still honouring current insurance and taking new business
I wouldn't be too worried

They are not taking new business in motor insurance in the UK. They have been ordered to stop writing business in the UK (http://www.postonline.co.uk/post/news/1598929/quinn-stop-underwriting-uk-parent-adminsitration). This is borne out by the fact that you cannot now obtain quotes from Quinn online and they have been switched off by the comparison sites.

mattymoo

raskazz wrote: »

They are not taking new business in motor insurance in the UK. They have been ordered to stop writing business in the UK (http://www.postonline.co.uk/post/news/1598929/quinn-stop-underwriting-uk-parent-adminsitration). This is borne out by the fact that you cannot now obtain quotes from Quinn online and they have been switched off by the comparison sites.

Typically it would appear that Quinn has decided to ignore the regulator and continues to write business.
http://www.postonline.co.uk/post/news/1598943/quinn-ignores-regulator-continues-sell-uk-policies

Says it all really.

dacouch

The impending administration may explain why a recent poster had an ap of circa £600 for his last months insurance taking his premium from about £1800 to a pro rata annual of £9000...

I remember when Quinns first came on the scene and a company I sub broked niche business quoted me a very competitive premium with Quinns. My boss wanted to cover himself and went to check their accounts and discovered they were not published. We looked into it and apparantly Mr Quinn's opinion was he knew how rich he was and did not need the credit rating companies to confirm it so did not publish it. We eventually were given a set of management accounts. My boss could not believe them as they were all over the place with debts from his other companies posted as assets etc.