Quinn Insurance in administration.

[superman]

Story Over on p.ie

[discostu]

Havent seen this posted

rte.ie/news/2010/0330/quinn.html

[Unshelved]

Times has the story too -
irishtimes.com/newspaper/bre … 32_pf.html

[irishaberdeen]

wheels coming off Ireland Inc and at an alarming rate

[yoganmahew]

What other bad news can be buried today, one wonders?

[The_Unwelcome_Guest]

Eh, the long slow bleed of Quinn isn’t really news is it?

Time we had another crisis seeing as Brian has sorted out the Banking Sector “for once and for all”…

[HouseBuyer]

This is one that the Pin did suspect

If PMPA was anything to go by, this could be huge.

[The_Unwelcome_Guest]

Thankfully they have a sympathetic lender…

[markf909]

Thankfully they have a sympathetic lender…

And systematic too…

[bob3367]

When they say insurance, is it all, ie including Healthcare?

[soc]

All together now… “We’re fcuked”

[The_Unwelcome_Guest]

When they say insurance, is it all, ie including Healthcare?

RTE says everything bar life insurance…

[markf909]

Is this our AIG moment, can we really bail out Quinn as well?

[HouseBuyer]

If Quinn Insurance goes down the tubes, thousands of people in the country will be left with worthless insurance policies. Also, when I think about it, something must have triggered the asset writedowns to put Quinn Insurance into insolvency. Bank/Greek bonds, property/hotels?

Quinn bailout here we come

[grumpy]

The policies will be protected. That’s what drove Max H mad about Quinn. The losses will be funded by the state and the cost likely picked up by a new levy.

From the IT Report

Lawyers for the regulator told the court that it had been discovered that assets of the company had depreciated by €448 million and that there were charges over assets held by subsidiaries of the company.

The court heard that 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.

Charges to who? For what?

[soc]

The Financial Regulator put the administrators in so it could be more to do with dodgy financial management rather than a lack of cash or a viable business - still rotten but hopefully it won’t lead to a collapse of the business

EDIT: Scratch the above comment - looks like they’re in money trouble too -

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.

[cjs]

delete - they’re f-ed

[laughinglawyer]

Given that they are carrying my (and a lot of others ) professional indemnity insurance I hope so too…

[dipole]

independent.ie/business/iris … 22563.html

I’d assume this had something to do with it.

[grumpy]

If Quinn Insurance goes down the tubes, thousands of people in the country will be left with worthless insurance policies. Also, when I think about it, something must have triggered the asset writedowns to put Quinn Insurance into insolvency. Bank/Greek bonds, property/hotels?

Quinn bailout here we come

They don’t apperar to be insolvent but instead the regularator wasn’t happy with how it was run so step in

Actually no.

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.