Quinn Insurance group: administrators just appointed

Dionysus

Now this is surprising, if not shocking, when one considers that Seán Quinn, Ireland's richest man, is also the person who is Anglo-Irish Bank's biggest customer and the demise of whose companies the government is concerned about due to the thousands of people whom he employs.

http://www.rte.ie/news/2010/0330/quinn.html

The story hasn't made The Irish Times website yet.

Winty

Am I still OK to drive my car

Kiera

Tuesday, 30 March 2010 12:02
The High Court has appointed two joint provisional administrators to the Quinn Insurance Group.
Mr Justice John Cooke made the order following an application by lawyers on behalf of the Financial Regulator.
The application was made under the 1983 Insurance act.


The court heard the Regulator took this action following serious concerns about the way the group was managing its affairs.
The development means the administrators will run the business as a going concern under different management in the interest of policy holders.
The Regulator now has an on-site presence in the company's offices.
The administrators will run only the general insurance businesss and Quinn's life insurance business remains unaffected.

For those on mobile.

cornbb

Good riddance. Bunch of cowboys, in my experience. To anyone who thinks Quinn motor insurance are decent, wait til you need to claim from them.

bladespin

cornbb wrote: »

To anyone who thinks Quinn motor insurance are decent, wait til you need to claim from them.

I had no problems with them, bike or car, were very helpful when I had a tip in the car last year.

Also worth remembering how many they employ, anyway it's not closed just put in admin.

genericguy

Winty wrote: »

Am I still OK to drive my car

no, if you drive your car today you may end up with AIDS.

Kiera

cornbb wrote: »

Good riddance. Bunch of cowboys, in my experience. To anyone who thinks Quinn motor insurance are decent, wait til you need to claim from them.

Yeah i started off with them but found their customer care less than desirable so changed. They're only good for young guys to get insurance.

Wazdakka

Quinn have a well deserved reputation for being a complete bunch of bastards..

I was crashed into by someone insured with them a few years ago.. Car was a right off.. hurt my neck quite badly.
Even getting the cost of my treatment out of them was like getting blood from a turnip.

Richard tea

cornbb wrote: »

Good riddance. Bunch of cowboys, in my experience. To anyone who thinks Quinn motor insurance are decent, wait til you need to claim from them.

I second that comment. My insurance went from 610 euro up to 1820 euro after a claim. :mad: I ended up switching to another insurer for 1000 euro.:rolleyes:

walshkvn

just goes to show that no company is unaffected by this recession ... there will be more before it gets better.

cornbb

bladespin wrote: »

I had no problems with them, bike or car, were very helpful when I had a tip in the car last year.

Also worth remembering how many they employ, anyway it's not closed just put in admin.

Car insurance. I won't go into the full story, but they made my life a misery and treated me like a crook for making a theft claim. I'm with Axa now, and funnily enough an Aviva ad is on this page as I type.

Full sympathy for anyone whose job might be in jeopardy. I've just remembered I have a friend who works there

SV

Nice one.

Delighted for them.. I'm in my final year with them anyway, 3 years NCB means other insurance companies are no longer lining up to rape me!

BearsyBoo

delighted, absolutly despise them

bonerm

Was never insured by them but I used to work a job where I'd have to ring up the customer service centre of pretty much every insurance broker in the country several times a day. To this day I can clearly remember Quinn were always by far the worst. On hold for 20-30 minutes (compared to 20-30 seconds for the others) sometimes and then you'd be met by the dosiest shower of eejits imaginable. If they're the kind of people losing their jobs then it's not *that* much of a loss.

partyguinness

I was with them for 2 years then my premium went up by over €300 at renewal for no apparent reason....reapplied through the website and I was quoted €400 less....

I rang them to say this and they "Okay we will renew for that price." Fúckers..

I told them to get lost as AXA was still cheaper...

They try to catch you by hoping that you wont bother shopping around..

But they still provided cheap insurance for people that struggled when starting out..so it is a big loss despite our personal grievences.

jimmyendless

Any lost competition in the this country is very bad, and quinn were good for bike insurance compared to others.

Mister men

wardy32 wrote: »

delighted, absolutly despise them

Yeah always good to see people lose their jobs is'nt it.

genericguy

bonerm wrote: »

Was never insured by them but I used to work a job where I'd have to ring up the customer service centre of pretty much every insurance broker in the country several times a day. To this day I can clearly remember Quinn were always by far the worst. On hold for 20-30 minutes (compared to 20-30 seconds for the others) sometimes and then you'd be met by the dosiest shower of eejits imaginable. If they're the kind of people losing their jobs then it's not *that* much of a loss.

essentially every person I went to school with that has an honest job works in the quinn insurance office in blanch. i remember years of "Ph.D? get outta bleedin' school will ye, age of ye. gerra job here man, 25 grand for nuttin!"

i've my popcorn and my mobile phone ready for when the redundancies are announced.

--Kaiser--

I heard a lot of guff about Quinn, but they were the only company that would quote me on my car (modified Japanese import) so I was stuck with them.

The car was written off last year and the other party admitted liability (also with Quinn). I must admit I had to ring them every day for about 2 weeks to get them off their ass (I think this is the same with most insurance companies) and sort it out, but in the end they gave me a reasonable settlement for the car (more than the market value actually) and sorted out a rental car for me fairly quickly while I shopped for a new car. So I've got no real complaints about them.

Farls

Can anyone name an insurance company that likes to hand out money with no quibbles when your involved in an accident???

Quinn Employs thousands of people in this country (for the most part Irish) and is an example to every budding entrepreneur out there. I for one hope this is only a flash in the pan as I remember hearing a few years back that if Quinn Insurance is in trouble then the Quinn Group as a whole is in trouble.

mikom

I blame Tubridy.

TheZohanS

Winty wrote: »

Am I still OK to drive my car

Yes.

The Financial Regulator has said Quinn Insurance's Irish policy holders can continue to renew policies, carry out new business and make claims in the normal way.
It said the appointment of administrators would better protect policy holders.

So glad to see this, they did me out of over 500 in December.. Pack of ****.

And this is the only set of people i'm happy to see lose their jobs.. On the phone she agreed that I was getting completely screwed.. I wanted to kick the shlt out of her by the end of the call.

... ****. They didn't pay out for my brother before aswell.

star.chaser

cornbb wrote: »

Good riddance. Bunch of cowboys, in my experience. To anyone who thinks Quinn motor insurance are decent, wait til you need to claim from them.

agree with you there. didn't have to claim but had an issue and had to contact "customer service" a few times. what an ignorant shower of cnuts. serious attitude problems. really hope they all lose their jobs.

Farls wrote: »

Can anyone name an insurance company that likes to hand out money with no quibbles when your involved in an accident???

eagle star (through 123) i had no trouble claiming off them. just filled out a form. had my car repaired and back to me in four days. had a courtesy car for the four days even though i was on a provisional.

partyguinness

It's very disheartening to see posters hoping that thousand's of people lose their jobs......:(

cornbb

Farls wrote: »

Can anyone name an insurance company that likes to hand out money with no quibbles when your involved in an accident???

No, but an insurance company shouldn't start out by assuming you are trying to defraud them, which they appeared to do in my case.

Quinn Employs thousands of people in this country (for the most part Irish) and is an example to every budding entrepreneur out there.

They are hardly a shining example if the financial regulator has "serious concerns" about the way the business is run.

I had a bad experience with them also but to all the other posters saying "great to see them gone" etc. - that's foolish. They employ a lot of people in Ireland so if it gets to the point where they have to close their doors that's a lot more people on the dole.

GalwayKiefer

As has been pointed out over in the motoring section (and by jimmyendless on this thread), if Quinn go under it'll be a big blow to young/first time motorcyclists trying to get cover thats not at a Bend-Over-And-Take-It rate. Still, its only administration for now so no need to panic just yet.

Penisland

Maybe they will take back their remarks about not insuring people from Tallaght!!

Its only provisional admin and they are still in profit so they are here to stay!

landsleaving

http://www.comparethemeerkat.com/

The regulator says it is because of problems with the capital backing it up - this isn't surprising given how much Mr Quinn seems to have lost.

Someone external will probably come in and take it over / recapitalize it.

dodohert

Ah feck I have a claim pending with them.......hope it's sorted before they go under.

ixoy

partyguinness wrote: »

It's very disheartening to see posters hoping that thousand's of people lose their jobs......:(

Going under administration doesn't mean thousands of people will lose their jobs (although, inevitable, some of the workforce will).

partyguinness

ixoy wrote: »

Going under administration doesn't mean thousands of people will lose their jobs (although, inevitable, some of the workforce will).

I appreciate that...I am just commenting on what other posters are stating/wishing.:(

partyguinness

partyguinness wrote: »

It's very disheartening to see posters hoping that thousand's of people lose their jobs......:(

So many people have been royally screwed by them.. It's a natural reaction.
Call me a prick but I hope the girl who fuked me over and surely countless others is ruined.

ash23

Statement from the Financial Regulator

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

missyfirefly

walshkvn wrote: »

just goes to show that no company is unaffected by this recession ... there will be more before it gets better.

Don't think there was ever any doubt in the case of Quinn - Sean Quinn lost €2.5bn because of his dealings with the now nationalised Anglo Irish Bank. He's now number 10 in the irish Rich list worth €845m.

Kev37

Bollix they're the only insurance that do cheap insurance for motorbikes!

Bonito

SV wrote: »

Nice one.

Delighted for them.. I'm in my final year with them anyway, 3 years NCB means other insurance companies are no longer lining up to rape me!

I'm still being raped but I let Axa do it this year. They're far less pushy than Quinn :pac:

m5ex9oqjawdg2i

cornbb wrote: »

Good riddance. Bunch of cowboys, in my experience. To anyone who thinks Quinn motor insurance are decent, wait til you need to claim from them.

It's companies like quinn insurance that drove down the price of insurance in some areas. Whatever their policies may be.

SV wrote: »

Nice one.

Delighted for them.. I'm in my final year with them anyway, 3 years NCB means other insurance companies are no longer lining up to rape me!

Why can you not go to another company with the NCB you have already?

TheZohan wrote: »

Yes.

The advice I recieved from somebody in the know was to change companies, asap... How serious this is, I do not know.

Penisland wrote: »

Maybe they will take back their remarks about not insuring people from Tallaght!!

Its only provisional admin and they are still in profit so they are here to stay!

They may still go under. Seanie boy made a right balls of his investments a few years ago...

Jip

dodohert wrote: »

Ah feck I have a claim pending with them.......hope it's sorted before they go under.

Administration does not necessarily mean the company is going under.

Run_to_da_hills

Jip wrote: »

Administration does not necessarily mean the company is going under.

The ship has hit an iceberg, time to get out the life jackets.

the_dark_side

over charging, huge increases on premiums, public liability insurance for businesses based solely on the annual turn-over of the company.... all for one reason, to feed the gapping maw of the black hole which is Anglo Irish Bank

gleep

Reading between the lines, what they've been doing is using policy holder's premiums as guarentees for other areas of the business. These guarentees where in the form of investments. The investments have now lost most of their value and the creditors wnt paying back, leaving their pot of cash to cover claims seriously depleted. I wonder how much was invested in Anglo????

partyguinness

I can just see the other insurance companies laughing their bollocks off at the up start digger driver from Fermanagh....

Farls

cornbb wrote: »

They are hardly a shining example if the financial regulator has "serious concerns" about the way the business is run.

I was referring to Sean Quinn himself, not a business his name is on that he has already stepped down from the board last year.

I find it quite shocking the amount of small minded people here that get rubbed up the wrong way once and wish thousands out of jobs.

witnessmenow

My insurance is up tomorrow with them, should i renew? If i do renew I'll definitely be paying with the old mastercard!

In fairness to Quinn they have always been way cheaper than anyone else for me

Next years insurrance:
Quinn: €650 - with my 26 y/o learner driver brother (€580 without)
FBD: €780 -without the brother

Said it to the women at FBD I wouldn't be going with them as they were way dearer than quinn. She replied "they don't offer the same benifits as us" I asked what they were, "breakdown assist and windscreen cover", but they are covered in my Quinn Policy....

EDIT: "claimed" 3 times off them over the last 3 years, New drivers door window, new windscreen and breakdown assist and all 3 were effortless (and did not effect my NCB), although saying that I wouldnt want to test out there real claims department !

cornbb

Farls wrote: »

I was referring to Sean Quinn himself, not a business his name is on that he has already stepped down from the board last year.

The same Sean Quinn who acquired Anglo loans secured against Anglo shares? I thought we were long past encouraging that type of "entrepreneurship", obviously we're not.

I find it quite shocking the amount of small minded people here that get rubbed up the wrong way once and wish thousands out of jobs.

I too expressed my sorrow that people might lose their jobs. Let's not confuse the issues here.

Zascar

landsleaving wrote: »

http://www.comparethemeerkat.com/

Is that UK only or does it work for Ireland too? I don;t want to spend 10 mins signing up if its not going to work
Are there any comparison sites for Irish insurance etc companies?

Farls

cornbb wrote: »

The same Sean Quinn who acquired Anglo loans secured against Anglo shares? I thought we were long past encouraging that type of "entrepreneurship", obviously we're not.

The Sean Quinn that started off with a small plot of land in Fermanagh little over 30 years ago and a few fencing posts and built up a multi-national portfolio of businesses across such a wide and diverse range that is almost mind boggling considering the man doesn't even have a mobile phone yet!

He has made mistakes in the last number of years but who hasn't, and how much of those mistakes are down to so called 'advisors' when ever you take off your blinkers let me know. :rolleyes:

SV

Nash Yummy Halogen wrote: »

Why can you not go to another company with the NCB you have already?

because with the car I have, any less than that along with my age means I get raped!