Quinn Insurance in administration.

How much was their Anglo stake worth at it’s height again? XX

Eh, technically, they do appear to be insolvent. They may not be in cash-flow terms, but they are in terms of solvency ratios. No?

This is more of that double pledging of assets that we were all assured couldn’t possibly happen… I wonder which banks the assets are pledged to? As if I didn’t have to guess…

Unfortunately, GAAP principles won’t let them carry the stake for “what it’s worth” :wink:

Administration may not be such a big deal in this case. It looks as though it’s been triggered by the strict solvency ratios required by the regulator. I’d be amazed if this business were truly insolvent.

In this case I think administration is being used to force Quinn to play ball on the solvency ratios. The days of regulators turning a blind eye seem to be receding.

From Geckko in Sep 2008…

viewtopic.php?f=19&t=12955&start=0&st=0&sk=t&sd=a&hilit=quinn

Anglo has a charge over the company, surely this is a major covenant breech and the bank could move to take ownership of the company giving the state control?

On another note I have heard that IL&P have just made a significant investment in NAMA through one of their managed funds.

Newstalk reporting that the regulator is looking into irregularities which have only recently come to light.

+1 to all the pinsters who raised ‘questions’ over Quinn insurance some time back.
Way ahead of the curve on that one.

@Mr. A, I don’t think anyone can claim any special illuminati powers on this one, the thing was holed below deck and everyone who didn’t see it was wilfully blind… The question now is what the special measures planned for taking this beauty back to port are… :open_mouth:

:laughing:

Here’s hoping… Portsmouth FC look a better bet…

Statement on Quinn Insurance
Statement 30 March 2010
Following an application by the Financial Regulator, the High Court has today appointed joint provisional administrators to Quinn Insurance Limited. The Financial Regulator has taken this action in the interests of the firm’s policyholders.

Quinn Insurance Limited

Irish policyholders of Quinn Insurance Limited can continue to renew policies, carry out new business and make claims in the normal way.

The appointment of joint provisional administrators will better protect policyholders. It will allow the firm to remain open for business, to continue to be run as a going concern under different management and to put the business on a sound commercial and financial footing.

The Financial Regulator has an onsite presence in the firm to oversee its actions and to work with the new management. At the same time the Financial Regulator has commenced an investigation into certain matters within Quinn Insurance Limited that have very recently come to light.

Quinn Insurance Limited (UK)

In addition, the Financial Regulator has separately directed Quinn Insurance Limited to cease writing new business in the UK. Existing UK policyholders will not be affected by this decision as existing policies will remain valid. Customers can make claims in the normal way.

The effect of this action is to prevent Quinn Insurance Limited suffering further financial losses from its currently unprofitable UK business.

Quinn Life

These actions do not apply to the Quinn Life business, which is a separate entity. It is unaffected by these measures.

fellow pinsters well done at spotting curve, be on alert today i feel a tidal wave of news coming we need to keep track…

True, but as far as I could recall, the insurance side wasn’t really being discussed anywhere.
You are never going to see anything like it being raised by newspapers who rely on such companies for advertising.

How is the ISEQ doing today?

Down small -15

AIB down 20 at 1:15
BOI unchanged

Brendan Bs kiss of death my bold

Are my investments in Quinn Life in trouble?
No. The Administrator was appointed to the general insurance company and not the life companies.

**It may be worth moving them anyway. ****As a precaution, you should stop making any further contributions.**Is my car insurance and health insurance still valid?
Yes. It’s likely that the appointment of the administrator won’t affect this. If it does affect this, then it’s likely that the government/tax payer will pick up the deficit.

**I

I have a claim outstanding against someone insured by Quinn
It’s unlikely that you will be affected. There isn’t anything you can do about it now.**
How much will this cost the taxpayer?
It’s hard to know. It appears to have a deficit of €200 million. This is not large in the overall context of the figures. It’s likely that it will be recouped over time from an insurance levy.

askaboutmoney.com/showthread … ost1023335

FBD up 7%

Posted this elsewhere needs to be here as well:

You know something the rats are up to something, what better way to steer the unwashed masses and media away from something else, than with this, its perfect big story, media can dig teeth in and joe six pack wonders is his house safe, joe duffy red alert today id say (the powers let him off the leash on this one for them) its genius really, so pinsters be alert we must watch whats coming the real story…

It truly is remarkable that all three stories would break on the same day.

But are the dark lords really capable of orchestrating such a smokescreen?

Well, we don’t get the real shitstorm till 4.30pm, so this is good FUD.