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Ireland: Quinn Insurance in administration World Socialist Web Site

19.04.10

20 April 2010

Another pillar of the Irish economy collapsed this month.

Ireland’s Quinn Group abandoned attempts to prevent the country’s largest insurance company being placed in administration. Quinn Insurance has been taken out of the control of the Quinn Group for “serious and persistent breaches” of the solvency rules governing insurance companies.

Quinn Insurance, which controls Quinn Healthcare and Quinn Direct employs 2,800 people in Ireland and the UK, and holds health, home and car insurance policies for 400,000 customers. Overall Quinn Group employs around 5,500 in Ireland and 8,000 internationally. Many of those are in the company’s headquarters, on both sides of the Northern Irish border, in County Cavan, neighbouring Monaghan and Fermanagh.

Although the company will still operate and honour insurance policies, it is effectively insolvent—having liabilities of €200 million more than its total assets. Paul McCann and Michael McAteer of British-based accountancy firm Grant Thornton have been appointed as administrators.

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