Quinn in Administration

Dangermac

dacouch wrote: »

If you believe everything that senior Quinn staff tell you then you need to get a reality check, they do not have a very good history when it comes to the truth and financial matters.

The facts of the matter are the adminstrators who were appointed by the High Court will give their report to the financial regulator on Friday. The court case is on the 12th of April, perhaps Quinns have discovered some legal loopholes they can use but if they have this would not inspire me with confidence.

They will lose the vast vast vast majority of their commercial business as brokers will rebroke it so will have to rely on their personal lines business in the UK.

It appears Quinns have not been reserving their claims correctly which is the core of a well run Insurance company. The Insurance arm have pledged money as security for bank loans to other Quinn busineses (Some of them for the £100s of millions of shares they and the directors personally bought in the Anglo Irish bank). They are relying on the banks not recalling the loans, knowing the financial stability of Irish banks there's no chance of that...not

Long live Robert Maxwell.

Reports that Quinns have brought Michael Bright into assist their financial planning are unfounded

The rumour that Emil Savundra is the new Financial Director is also without foundation

FlameCloud

cogito wrote: »

The FSA didn't have a choice. European law required them to allow Quinn to operate in the UK as they were approved by the Irish regulator. I believe that the FSA did state some time ago that any broker putting Quinn forward to clients as a potential insurer should warn clients that Quinn didn't have a rating so that clients could make an informed choice. Since Quinn were prevented from renewing business in the UK, the FSA have stated that they will be going to Quinn's largest supporting brokers to ensure that they did actually give clients the necessary warning.

Word is that a few prominent brokers are rather worried about this - including one of the consolidators (not Towergate).

I was in a (very) large London Brokers office today and had a look at a load of letters that they were printing off about Quinn, essentially saying 'we told you so' and 'how great are we for safeguarding your money in not placing your risk with them!'

Lindopski

I have used Quinn since I first bought my old Citroen around 3- 4 years ago
I passed my test last year and my premium went up a bit but even so I built up 3 years no claims and last years renewal was £355.
Im getting on a bit (34) so not exactly a boy racer and I drive an old Diesel Rover tank these days.
Imagine my suprise when I saw t'other day that quinn were going under- Imagine my horror when checking out confused and moneysupermarket for quotes and discovering that after another year of fault free driving my cheapest quote elsewhere is £600

Well done lad not crashed eh.. lets whack up your quote by mmmm double !!
nice one!
:mad:

dacouch

It's not looking good for the Anglo Irish Bank and the poor Irish Tax Payers who bailed them out.

They are reputed to have bailed Quinn out in 2008 when there were rumours then of them going t1ts up.

I wonder if them going into administration and the news in this article are connected...

http://www.guardian.co.uk/business/2010/mar/31/anglo-irish-bank-10-billion-rescue

raskazz

Lindopski wrote: »

I have used Quinn since I first bought my old Citroen around 3- 4 years ago
I passed my test last year and my premium went up a bit but even so I built up 3 years no claims and last years renewal was £355.
Im getting on a bit (34) so not exactly a boy racer and I drive an old Diesel Rover tank these days.
Imagine my suprise when I saw t'other day that quinn were going under- Imagine my horror when checking out confused and moneysupermarket for quotes and discovering that after another year of fault free driving my cheapest quote elsewhere is £600

Well done lad not crashed eh.. lets whack up your quote by mmmm double !!
nice one!
:mad:

Well now you know how Quinn managed to sell you a policy at that price - by not being able to competently underwrite for profit.

dacouch

raskazz wrote: »

Well now you know how Quinn managed to sell you a policy at that price - by not being able to competently underwrite for profit.

Looks like they could ultimately be underwritten by the Irish Government and in effect levys on UK policyholders through the FSCS. Ironically some of the levys will be paid by brokers who had no dealings with Quinn and / or purposely avoided placing business with Quinn due to their lack of financial stability.

No doubt Sean will still have plenty of personal money left

dacouch

The way Quinn have moved money about and used what should be their liquid reserves to cover other loans and commitments reminds me of how the old Lloyd's names used to do it

Pincher

Lindopski wrote: »

I passed my test last year

Driving test?

Odd thing, Swiftcover quoted about £400 in January,
which is why I went for the Quinn £300 quote.
Now Swiftcover is quoting £500. Nothing has changed except I am now with Quinn.

Maybe there's a general increase in rates.

centaurandrew

There is definitely a general increase in rates.

As I am nearing my 25th Birthday, I wanted to take out a new policy after my 25th so that I can drive other people's cars (as having to get day insurance everytime I get my girlfriend's car MOTs is a pain).

I had been getting quotes periodically from the perspective of being 25, and in the past two months, the (like-for-like) quotes have risen from about £300 to about £450.

Kittian_the_Blue

As an update it looks like the administrator wants to put Quinn into full administration as there are "solvency issues" - definitely looks like we have another Independent on our hands....

I suspect that Insurers will now stop making payments to Quinn in respect of TP claims until the full administration process is completed