Quinn Insurance group: administrators just appointed

deandean

I recently got screwed by Quinn Insurance who declined me due to a technicality. I was then told over the phone never to bother contacting them again; they'll never cover me. Not nice people to deal with in my experience.

Well here is the same group up in arms over "a technicality" relating to per centages, reserves etc.

My comment is: Now you know what it feels like, folks.

Maruney

Why are people saying the financial regualtor or the gov. are out to get Quinn Direct? The same people were complaining the regulator were not doing their job before the banks collapsed, now they are and people are still complaining! - If I employ a lot of people in a region can I do what I want? Talk about being in the dark ages. Sean Quinn did very wrong and he has put all those jobs at risk, the regulator did very right and are investigating his business finances. He is no different to our bankers that are costing us through NAMA as he is part of the Anglo situation also. I have a friend working in Quinn Direct's claims department and a relative working in the legal team, both laugh at the level of professionalism in the place.

ricman

Anglo is owned by the government ,quinn should pay the 2billion or else give anglo equity in the company.
OR else the tax payer will end up paying 2billion plus dole for 2000 people.
Quinn making profit every week, it just has not the reserves it should have for future claims.
HES a great businessman but a bad investor, ie buying shares in a bank that was making loans on land assuming house prices would rise till 2020.
IF joe bloggs owed 2billion to aib they would take him to court and seize his assets.
IF quinn insurance taken over by company x the jobs will end up in the uk,or india.
I think he borrowed using the reserves of quinn insurance as collateral which is foolish,ie the reserve is used to payout future claims.
Insurance companys are special ,they should not be used as collateral, they have to pay out x amount in claims.

RobBaxter

RoadKillTs wrote: »

And where was the regulator over the last ten years? When financial intuitions were running riot lending left right and centre. Where was the regulation then?

Sean Quinn has made mistakes but he is nothing compared to the banks. I don't think there was any shady dealings. He invested far too much into a bank and lost badly.

My points still stands, he is a huge employer with a profitable company. He should be allowed trade. Any idea the strain of over 2000 more people on Social Welfare? Not to mention the 3 billion of debt that would have to be written off from his debt on Anglo.

The Government / Regulator are making a huge mistake here and I hope to God they realise that before April the 12th.

You can go ahead and eat your words now

RoadKillTs

You can go ahead and eat your words now

Why would I? I still stand by what I said. When the company is sold off and the staff are sacked who will pay the price? Well I tell ya what it wont be Sean Quinn or the regulator it will be us!

RobBaxter

RoadKillTs wrote: »

Why would I? I still stand by what I said. When the company is sold off and the staff are sacked who will pay the price? Well I tell ya what it wont be Sean Quinn or the regulator it will be us!

It's amazing how people so ignorant can have such strong views. If the company was left alone to run without adequate reserves, like the banks, the situation would worsen and we would be in an even bigger mess than we are now. Not to mention the fact that if Quinn were allowed continue that we would be breaking european law, which wouldn't say a lot for people thinking of investing in Irish companies, companies that are allowed to operate at that level of risk.

Quinn have accepted that they don't have a leg to stand on today and have accepted the administrators.

Keano

RoadKillTs wrote: »

Why would I? I still stand by what I said. When the company is sold off and the staff are sacked who will pay the price? Well I tell ya what it wont be Sean Quinn or the regulator it will be us!

Well if the company gets sold there, the chances are all the workers would be kept.

Financial Regulator did the right thing. I feel very sorry for the workers but 1.3 million policy holders have to come first.

RoadKillTs

It's amazing how people so ignorant can have such strong views.

Your off to a good start here Rob with posts like that.

Quinn have accepted that they don't have a leg to stand on today and have accepted the administrators.

Yes but this whole mess damaged Quinn. The amount of business they lost in the last two weeks alone made it extremely hard for them to survive this situation.

All I am saying here is they should have been given the chance to resolve the solvency issue before been put into administration.

Well if the company gets sold there, the chances are all the workers would be kept.

Very doubtful.

partyguinness

RoadKillTs wrote: »

Your off to a good start here Rob with posts like that.



Yes but this whole mess damaged Quinn. The amount of business they lost in the last two weeks alone made it extremely hard for them to survive this situation.

All I am saying here is they should have been given the chance to resolve the solvency issue before been put into administration.



Very doubtful.

Sean Quinn damaged the Quinn Group with investments that he knew nothing about.

That is the funny thing about all the apologists for the Quinn Group..blame the Gov, blame the Regulator.

The Reg. has been onto Quinn since last July asking them to get their house in order. This didnt just happen overnight as some Quinn people would like us to believe. How many more chances did he want?

Quinn are trying to play the victim here.."Poor old Seanie Quinn blah blah"

He got Quinn into this mess. End of.

Keano

RoadKillTs wrote: »

Your off to a good start here Rob with posts like that.



Yes but this whole mess damaged Quinn. The amount of business they lost in the last two weeks alone made it extremely hard for them to survive this situation.

All I am saying here is they should have been given the chance to resolve the solvency issue before been put into administration.



Very doubtful.

So if a new company buys them out they are going to sack all the staff :rolleyes:

Nodin

partyguinness wrote: »

Sean Quinn damaged the Quinn Group with investments that he knew nothing about.

That is the funny thing about all the apologists for the Quinn Group..blame the Gov, blame the Regulator.

The Reg. has been onto Quinn since last July asking them to get their house in order. This didnt just happen overnight as some Quinn people would like us to believe. How many more chances did he want?

Quinn are trying to play the victim here.."Poor old Seanie Quinn blah blah"

He got Quinn into this mess. End of.

Indeed. If protests are to be held, it's really Sean Quinn that they should be directed at. It's a self inflicted mess, which will unfortunately affect thousands who had no say in the decisions that led to it.

Dionysus

partyguinness wrote: »

The Reg. has been onto Quinn since last July asking them to get their house in order.

Does anybody else find it a bit curious that if "all" Seán Quinn needs is €150 million, and his group is supposedly worth billions, it is very, very, very strange that he evidently cannot get that required €150 million from any source and is likely to lose his insurance company, the apparent star of the Quinn Group, as a result.

This seems very odd.

Dionysus

By the way, those who say Seán Quinn's control of Quinn Insurance is vital for jobs may not be that far off.

It was only in 2008 that Hibernian Insurance announced that 580 people in Ireland were going to lose their jobs as the firm was outsourcing their work to India and other Asian countries. What makes anybody think that a new owner of Quinn, with no connection to the north Leinster/south Ulster region, will not do the same?

MidlandsM

wardy32 wrote: »

delighted, absolutly despise them

do you despise the 5,500 workers too and their livelihoods:rolleyes:

Mardy Bum

You would swear half the people on this thread are economists.:rolleyes:

Ammonite

partyguinness wrote: »

Sean Quinn damaged the Quinn Group with investments that he knew nothing about.

That is the funny thing about all the apologists for the Quinn Group..blame the Gov, blame the Regulator.

The Reg. has been onto Quinn since last July asking them to get their house in order. This didnt just happen overnight as some Quinn people would like us to believe. How many more chances did he want?

Quinn are trying to play the victim here.."Poor old Seanie Quinn blah blah"

He got Quinn into this mess. End of.

Agree. I trust the Regulator's judgement on this. About bloody time that something was done about the likes of this company.

partyguinness

Mardy Bum wrote: »

You would swear half the people on this thread are economists.:rolleyes:

Maybe we are...;)

Lux23

From what I heard that even with the extra €100-150m capital Quinn Insurance would only be running on a cash reserve of €3m. Now how can a business with an annual turnover of €1.6bn run on a cash reserve of €3m, its a disaster just waiting to happen. The FR are just doing their job here and their job isn't to protect Quinn Group jobs, that was Seán Quinn's job and he has clearly failed. Its not all lost though, with the right management and capital injections the company could move on but I doubt the Quinn Group will be still involved.

Islander13

Did someone say in this thread that Sean Quinn was a man of high morals?

He may rival Cromwell at somepoint in Irish infamy