Quinn Insurance in administration

dacouch

http://www.tribune.ie/news/article/2010/apr/11/quinn-pawns-bow-the-knef/

Needhelpsaving

I know that this is an NI thread, but I am one of the people who make up the UK business, so would like to keep tabs on this thread.

I have little/no knowledge of insurance and as we had no problems with Quinn last year, we renewed. I appreciate that they say current policies would be honoured, but say if the business goes under - how would they honour this?

I see that there are a lot of people from the insurance industry posting on here, so something in laymans terms would be great x

shaz77_2

I would like to apologise to all on this forum, Quinns has accepted Administration, I did not intend to post false information.

Golden_Anemone

shaz77 wrote: »

I would like to apologise to all on this forum, Quinns has accepted Administration, I did not intend to post false information.

To be fair Shaz, I think it's perfectly understandable that employees would want to believe in the best case scenario as their livelihoods depended on things working out ok. I hope things turn out ok personally for you and the rest of the staff. It can't be easy for you all at the minute. Best of luck. xx

BigAl94

If it's anything like the Banking scenario, the staff would have been treated like mushrooms, kept in the dark and fed on s**t! http://news.bbc.co.uk/1/hi/northern_ireland/8622707.stm

Oscar_The_Grouch

According to THIS ARTICLE that was posted on the Insurance Board, the Administrator wants to release their preliminary report in a hearing on 20 May. If the Regulator agrees that the UK market is essential to the survival of the company, they should swiftly lift the ban on UK trading.

I'd expect Quinn to be run as a going concern with their UK market reopened from Monday (19 April). The prospect of 1.3m customers will be attractive to someone so I would expect a sale with the FSCS providing some kind of financial guarantee (like the £17Bn loan for Bradford & Bingley when they were sold off).

The volume of job losses will depend on whether the sale is to someone with a large or small presence in NI and Ireland.

Oscar_The_Grouch

Hopefully, THIS ARTICLE backs up what I'm saying above. There is a post on the same website about the Regulator being glad that Quinn have removed their objection to the move into administration and they've been very careful about their wording of what business Quinn are continuing with. That should pave the way for the "Aren't we lovely; we've agreed that the UK market should reopen" statement very quickly.

dacouch

Quinn have recently appointed Carol Vorderman to the board and she has come up with the following solution clicky

shaz77_2

Quinn have re-entered the UK market for provisional drivers with motor car policies.

http://www.rte.ie/business/2010/0421/quinn.html