Quinn Direct placed into 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.

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