Quinn Insurance in Permanent Administration

Today the High Court in Dublin confirmed the appointment of a full time administrator at Quinn Insurance Limited. This follows Quinn’s decision to consent to the appointment made by the High Court on application by the Financial Regulator.

Two administrators will run the company and attempt to put it back on a sound financial footing.

In a statement, the Financial Regulator said that it was its own opinion, and that of Quinn Insurance, that this step is in the best interests of policyholders.

Quinn Insurance had been in temporary administration after the Irish Financial Regulator raised concerns about its solvency levels. The group’s owner, Sean Quinn, had been highly critical of the move.

The Financial Regulator said there had been “serious and persistent breaches” of solvency rules at Quinn Insurance.