Business as usual, insist regulator and insurance firm
THE Quinn Insurance group and the Financial Regulator both insisted yesterday it was business as usual after the appointment of administrators to the insurer were confirmed.
Chairman of Quinn Insurance Jim Quigley said the decision of the Quinn Group to stop opposing the appointment of administrators would aid the company getting back on a sound financial footing.
A statement from regulator Matthew Elderfield said Quinn remains able to pay out on claims.
It added that consumers were able to continue to renew policies in the normal way in Ireland and the firm continues to be able to settle claims in Britain.
It said it would continue to work with the administrators and the Quinn Insurance board to address issues to resolve the financial position of the firm in the interests of its policyholders.
A statement from the two administrators, Paul McCann and Michael McAteer of Grant Thornton, said they would continue to engage constructively with staff and management at Quinn Insurance as they tried to secure the future of the company.
"Customers of the company continue to be unaffected by our appointment -- all valid claims will be met," they stressed.
However, brokers questioned if the company would now be as competitive as it had been in the past.
President of the Irish Brokers Association Paul Carty questioned if premium rates at Quinn would now rise further.
"It is difficult to predict what recommendations the administrators will make and what changes they will implement but one could confidently speculate that the pricing structure of the group and their existing appetite for risk will be subject to review."
But Mr Carty added that nothing can be ruled out at this point.