UK loss of €86m. Quinn guarantees skew accounts
Michael McAteer, administrator for Quinn Insurance, says its loss of almost €790m last year, is "subject to change" and did not reflect the true state of the business, the Irish Independent reports.
The accounts include a €677m "extraordinary" charge for the inter-group guarantees that pushed Quinn into administration.
"Because of the guarantees we could not include those assets in the regulatory return, but those assets are not gone," McAteer said. "If we were doing returns for the Companies' Office those assets would still be there."
Rates to rise again
Quinn will soon push through 10%-15% premium increases in the UK and the Republic.
Quinn’s figures included underwriting losses of €127m, including €86m for the UK and €41m for the Republic.