quinn direct insurance

Cavan Chamber of Commerce has announced is is to hold a rally in support of Quinn Insurance and its employees in the town next week.

The rally will take place next Wednesday at 5.30pm in the town centre.

The organisers say they hope a large number of Quinn employees will join the event, along with workers from other businesses on both sides of the border.

President of the Chamber Eamon McDwyer said Quinn Insurance employed 2,800 people and is vital to the economic life of the area.

On Tuesday the High Court appointed two joint provisional administrators to Quinn Insurance Ltd.

Mr Justice John Cooke made the order following an application by lawyers on behalf of the Financial Regulator under the 1983 Insurance Act.

Michael McAteer and Paul McCann from Grant Thornton were appointed by the court and were instructed to begin their work immediately.

Mr McCann said customers in Ireland would not be affected and a decision on whether to sell the company would be made in the future.

The court heard the Regulator took the action following serious concerns about the way the group was managing its affairs.

The administrators will have the option of seeking well-capitalised new owners for the business.

The Regulator said Quinn Insurance’s Irish policy holders can continue to renew policies, carry out new business and make claims in the normal way.

It said the appointment of administrators would better protect policy holders.

Yesterday businessman Sean Quinn defended the management of his insurance companies and said the decision to appoint administrators is causing major damage and threatening thousands of jobs.

In an exclusive interview with RTÉ News, Mr Quinn said there was no question of his company being involved in any impropriety.

He described the Financial Regulator’s decision as one of the biggest errors ever in the history of corporate Ireland’.

Mr Quinn also rejected claims by the Regulator and the Minister for Finance that his company had failed to disclose information about its finances until a few days ago.

Alos yesterday around 300 workers from across the Quinn group gathered outside the Dáil to protest against the move.

The workers handed in a letter, calling on the Government to support the workers and to protect their jobs as it has done in the past with the withdrawal of multinational companies.

Donal Crotty, speaking on behalf of the employees, said ‘the actions taken by the regulator could result in jobs, business and profits all leaving Ireland with non-Irish companies.’

Mr Crotty called on the Government to ‘implement the reversal of provisional administration of Quinn Insurance Limited and also for the ban on writing insurance in the UK to be lifted immediately.’

quinn direct insurance

The High Court has appointed two joint provisional administrators to Quinn Insurance Ltd.

Mr Justice John Cooke made the order following an application by lawyers on behalf of the Financial Regulator.

The application was made under the 1983 Insurance Act.

Michael McAteer and Paul McCann from Grant Thornton have been appointed by the High Court to act as the two joint provisional administrators.

They have been instructed to begin their work immediately.

Speaking on RTÉ’s News at One, Mr McCann said customers in Ireland would not be affected and a decision on whether to sell the company would be made in the future.

The court heard the Regulator took this action following serious concerns about the way the group was managing its affairs.

It is understood the issues relate to solvency requirements. The administrators will have the option of seeking well-capitalised new owners for the business.

The Financial Regulator said Quinn Insurance’s Irish policy holders can continue to renew policies, carry out new business and make claims in the normal way.

It said the appointment of administrators would better protect policy holders.

Regulator Mathew Elderfield said he does have concerns about the financial state of the Quinn Group, but he said there was a reasonable prospect that the administrators will find a buyer.

The regulator now has an on-site presence in the company’s offices.

The administrators will run only the general insurance business, which offers home, health, motor and public liability insurance.

Decision puts jobs at 5,500 risk – Quinn board

The board of the Quinn Group, which owns Quinn Insurance, has reacted angrily to the regulator’s action.

It has sent a letter to all Government ministers warning that the regulator’s move would put 5,500 jobs in Ireland at risk unless ‘immediately reversed’.

The letter describes the regulator’s action as ‘highly aggressive and unnecessary’, adding that it would make the repayment of its outstanding debt extremely difficult.

It says Quinn Group is on target to make profits of up to €1.2bn over the next three years and adds that the group is ‘on schedule’ to pay back all money borrowed from financial institutions.

The board asked why the regulator was taking this action now when it and its insurance subsidiary were in a position to meet all their cash obligations.

The Quinn Group says being placed in provisional administration ‘is deeply disappointing in the context of the continued profitability of the group which is currently in excess of €20m per month’.

‘We feel that this issue could have been resolved to the benefit of all in a relatively short space of time and we will be working with the regulator and the provisional administrators to resolve all outstanding matters,’ read the statement.

Quinn says the business continues to trade as a going concern and that all other group businesses are unaffected.

Minister for Health Mary Harney has said the appointment of administrators to Quinn poses no immediate concern to the health insurance market.

She told the Select Committee on Health and Children that Quinn has 23% of the private health insurance market.

Following the publication of a report by the Financial Regulator, which show that male drivers between 17 and 20 on a provisional licence pay almost €4,300 each year, the National Youth Council of Ireland has accused motor insurers of robbing young drivers, by charging them exorbitant prices for motor insurance.

Despite claims from the insurance industry that premiums have fallen sharply since 2002, the report shows some young drivers were paying more in 2005 for their insurance premiums than they were in 2002.

The council has called for Government action to reduce the cost to young drivers.

Source: RTE News

Like that’s going to happen, or at least not for another few years.
Every year we have to call around few insurance companies to get the best quote, and sometimes we do but there is always a catch.
Either no windscreen cover, the “Excess” is too high, No Protected “No Claims” Bonus, etc…

Why can’t the current insurance company that you are with at the moment, appreciate your custom and loyalty, offering you the best possible price?

In Ireland there are three types of insurance cover available from most insurance companies:

1. Third Party Car Insurance
2. Third Party, Fire and Theft Car Insurance
3. Comprehensive Car Insurance

Lets explain them one by one.

1. Third Party Car Insurance

This is the  minimum legally required insurance type to be able to drive your car in Ireland and is the cheapest option available from most insurance companies or insurance brokers. In the case of an accident, this type of insurance will cover you for damages done to third parties or to a third party vehicle.
A few things you are not covered for:
a. It does not cover you for damages done to yourself or your car in the case of a motoring accident.
b. It does not cover you in the case of car theft or attempted theft.
c. It does not cover you if your car goes on fire.

2. Third Party, Fire and Theft Car Insurance

This is probably the most common insurance cover.
In the event of an accident, this covers damage to a third party vehicle, injury to third parties, liability to passengers in the policyholder’s car. This type of cover also includes damage by fire, theft or attempted theft to the policyholder’s car.
A few things you are not covered for:
a. It does not cover you for damages done to yourself or your car in the case of a motoring accident.

3. Comprehensive Car Insurance

In the case of an accident, comprehensive insurance covers damage to a third party vehicle, injury to third parties, liability to passengers in the policyholder’s car and also covers accidental damage to your car.
If available, windscreen cover is also included.
This type of cover also includes damage by fire, theft or attempted theft to your car.
As expected, it is the most expensive cover available, but if your car it’s worth lots of money, it will be the most recommended option.