Regulator says “problematic business” had to take high risks
Jonathan McMahon, head of financial institutions at the Irish Financial Regulator, has described Quinn Insurance's business model as "deeply troubled", the Irish Independent reports.
He said the "worst cases" being dealt with by the regulator involved "underlying issues [that] emerged from deeply problematic business models".
"Quinn Insurance had a deeply troubled business model. Anglo Irish Bank, again, had a deeply troubled business model," he said. "To sustain high returns they had to take high risks."
The regulator is setting up a "red flag" system to draw attention to flaws in banks' and insurers' models, and will offer firms advice through external risk advisers.
Websites
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
