Wed, 31 Mar 2010 | ADMINISTRATION
Motor insurer Quinn Direct, part of Ireland's biggest insurer Quinn Insurance Limited, has been placed into administration.
The UK business, which has 390,000 policyholders, specialised in low-cost policies for young drivers. Quinn policyholders in Britain will remain covered, it has been assured by the Financial Services Authority.
The FSA said that UK customers "can continue to make claims and should continue to pay direct debits and premiums in the normal way." The insurer is to stop accepting any new business in Britain, however, to prevent it "suffering further financial losses".
The parent company Quinn Insurance entered provisional administration last night in Dublin, following concerns over the company's financial status and how it was being operated.
The Financial Regulator is to have an online presence to oversee operations and "to work with the new management" of the group, which has about 20 per cent of the motor and health insurance market in Ireland.
The Financial Regulator has begun an investigation into "certain matters within Quinn Insurance Limited that have very recently come to light."
Quinn featured strongly on comparison websites including moneysupermarket.com. Its owner Sean Quinn, is Ireland's richest man.
In a prime location, this freehold business opportunity includes a detached, well-equipped bakery factory along with a retail outlet and cafe, all part of a family business with a century of trading history.
Established in key industries like power generation and rail, this company offers specialised electrical and engineering services across the UK and Ireland, boasting strong relationships with blue-chip clients and a reliable income stream.
This well-established company has a decade-long track record in a growing market and is fully relocatable or can be operated remotely, providing flexibility for the new owner.
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