Quinn in Administration

Oscar_The_Grouch

If you visit the FSA's Money Made Clear website, it mentions the administration of Quinn under its "In the news" section. Immediately above that is information on the Financial Services Compensation Scheme!!

Does anything make you think the FSA are expecting an increase in the number of applications to the FSCS from the insurance sector?

Oscar_The_Grouch

shaz77 wrote: »

Hi All

As an employee at Quinn Direct Insurance I would like to point out a number of facts:

Errrmmmm... I have two facts I'd like you to help me with:

1. So what is your role within Quinn?
2. Is there any reason why you have not followed the forum T&Cs and sought Martin's approval before you began touting for business?

By that I mean:

shaz77 wrote: »

Since the shock announcement on Tuesday we have had a large number of calls from customers who were keen to either renew their policies or take out new ones to show their support for a local business, this is very necessary and much appreciated.

Errr.... "Local"? You're an Irish company; not British! Like everything else in Ireland at the moment, you're financially crippled and rather jealous of the level of stability the Greeks are able to maintain!

WillF_2

shaz77 wrote: »

We could not make a profit of E20 million per month from the Irish market alone and the Irish market is a lot smaller than our UK market.

We will be putting our case forward in court regarding the UK market and it is hoped that the decision will be reversed however it is clear that the regulator has made a significant blunder on this issue.

I should also point out we are in "Provisional Administration" which means the company is being run as a going concern, I know that in UK terms this means liquidation, Quinns however is not facing liquidation.

I would love for you to explain why, just a couple of weeks before the administration announcement was made, Quinn tried to withdraw £1350 from my bank account AFTER quoting me £792 for one month's insurance following a change of address.

I was due to pay my last payment of £58 and now my account has an 'outstanding balance' of £1350, despite many calls to different members of staff.

Does this sound like a company in good financial stead? Does this really sound like a company you want to be associated with?

I suggest you look for a new job.

shaz77_2

Oscar_The_Grouch wrote: »

Errrmmmm... I have two facts I'd like you to help me with:

1. So what is your role within Quinn?
2. Is there any reason why you have not followed the forum T&Cs and sought Martin's approval before you began touting for business?

By that I mean:



Errr.... "Local"? You're an Irish company; not British! Like everything else in Ireland at the moment, you're financially crippled and rather jealous of the level of stability the Greeks are able to maintain!

I'm not touting for Business and I work within the British sector of Quinns.

dacouch

Before Quinn went into administration the overwhelming advice from posters on this forum was to avoid them due to their poor levels of cover, reliance on small print, habit of trying to underpay on claims, love of fees and large additional premiums.

The advice is still the same but to add to that they are also financially unstable.

Avoid them!

There were warning signs back in 2008 http://www.timesonline.co.uk/tol/news/uk/scotland/article7018140.ece?token=null&print=yes&randnum=1151003209000

I would not believe Quinns when they say how much liquidity or profit they have as their opinion on accounts could be classed as some what dubious

http://times.cluster.newsint.co.uk/tol/comment/article7009915.ece?print=yes&randnum=1151003209000

http://www.globalreinsurance.com/story.asp?storycode=383659

There could be a few brokers who placed commercial business must be worried about being sued by their clients as its not covered by the compensation scheme and they tend to write their policies on a minimum and deposit basis so any rebroked business is likely not to receive a refund.

Oscar_The_Grouch

shaz77 wrote: »

I'm not touting for Business and I work within the British sector of Quinns.

You mean you're some monkey on the phones then, with no more access to correct financial information than the rest of us who are sensible enough to NOT work for Quinn.

I notice you haven't attempted to give constructive advice to people like WillF who have concerns over what they consider to be a massive attempt by Quinn to steal money from them.

dacouch

Amusingly Quinn have arranged some "Protest" marches in Dublin and Cavan for this Tuesday at noon sharp. I'm guessing Quinn's will give their staff the afternoon off to attend to swell the numbers. Perhaps the rest of Ireland could arrange their own protest as the Irish financial regulator has mentioned there could be a levy of 2% on everyone in Irelands policies. (There could be a levy on UK policies although probably lower)

It looks like a bit of creative account by Sean again, he invested (Well over a billion) massively in the doomed Anglo Irish bank and it appears like he has pledged assets eg hotels and property as security for the Insurance company. The only problem being these assets have also been pledged as security for his other companies.

I wonder why he withdrew from the credit rating agencies when the property market went tits up in 2007 ?

The Irish financial regulator might not be very keen to believe Quinn's promises, I can't think why http://www.financialregulator.ie/publications/Documents/QIL%20Settlement%20Agreement%20-%2024%20October%2008.pdf

It reminds me of the Carlsberg adverts...If Robert Maxwell did Insurance Companies

shaz77_2

Oscar_The_Grouch wrote: »

You mean you're some monkey on the phones then, with no more access to correct financial information than the rest of us who are sensible enough to NOT work for Quinn.

I notice you haven't attempted to give constructive advice to people like WillF who have concerns over what they consider to be a massive attempt by Quinn to steal money from them.

No I do not take calls from customers within my position at Quinns.

In relation to WillF, this is a private matter and I have contacted him via PM to help him with his issue.

WTTM

shaz77 wrote: »

No I do not take calls from customers within my position at Quinns.

!!!! me - we have the Quinns cleaner on the forum


MOMENT

PS - family member recently took out a policy with Quinns, looks like a big mistake....

shaz77_2

WTTM wrote: »

!!!! me - we have the Quinns cleaner on the forum


MOMENT

PS - family member recently took out a policy with Quinns, looks like a big mistake....

Quinns don't have their own cleaners these are outsourced and not employees of the company. :T Yet again we have people talking about Quinns who clearly do not have a good overall understanding, as I said before its all pure speculation until the court case on the 12th April. If Quinns put their case across successfully we will be back in business and if this does not happen then I am out of a job.