Irish Financial Regulator steps in to protect "policyholders"

Administrators have been appointed to Quinn Insurance, following intervention by the Irish Financial regulator.

The Irish Financial Regulator has ordered Quinn Insurance UK to cease writing new business after the High Court today appointed joint provisional administrators to Quinn Insurance Limited.

The Irish TImes reports that Justice John Cooke appointed Paul McCann and Michael Ateer of Dublin accountancy firm Grant Thornton as joint provisional administrators.

The Financial Regulator has taken this action in the interests of the firm’s policyholders, it said.

"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."

It continued: "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."

It added that Quinn Life is unaffected by these measures, as it is a separate entity.