10/09/2010
Quinn Customers 'Pay For Losses'
There is to be a 10% increase in motor and home insurance for Quinn Insurance customers in the coming months after news today that the struggling cross-border business reported operating losses of €127m for last year.
County Fermanagh-based owner Sean Quinn (pictured) owes Anglo Irish Bank €2.8bn after Quinn Insurance was put into administration by the High Court in Dublin in March after the Financial Regulator for Ireland raised concerns about its solvency.
Hit by both the health insurance levy and the cost of covering claims to do with last winter's bad weather, Quinn Insurance, which provides cover for one in five motorists in Ireland, says home and motor premiums are likely to increase by double digit figures in the next couple of months.
Administrators say the firm is performing robustly, but figures out this morning show a loss for 2009 of over €750m.
The bulk of the loss, at €677m, stems from a charge to do with Quinn's controversial inter-group guarantees that pushed Quinn Insurance into administration last spring.
(BMcC/KMcA)
County Fermanagh-based owner Sean Quinn (pictured) owes Anglo Irish Bank €2.8bn after Quinn Insurance was put into administration by the High Court in Dublin in March after the Financial Regulator for Ireland raised concerns about its solvency.
Hit by both the health insurance levy and the cost of covering claims to do with last winter's bad weather, Quinn Insurance, which provides cover for one in five motorists in Ireland, says home and motor premiums are likely to increase by double digit figures in the next couple of months.
Administrators say the firm is performing robustly, but figures out this morning show a loss for 2009 of over €750m.
The bulk of the loss, at €677m, stems from a charge to do with Quinn's controversial inter-group guarantees that pushed Quinn Insurance into administration last spring.
(BMcC/KMcA)
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Quinn Barred From Own Insurance Firm
A leading Irish entrepreneur is to loose control of the insurance business he personally founded after it ran into financial problems. Sean Quinn and his family will no longer have any role in the management of the Quinn Group following a restructure.
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A leading Irish entrepreneur is to loose control of the insurance business he personally founded after it ran into financial problems. Sean Quinn and his family will no longer have any role in the management of the Quinn Group following a restructure.
05 December 2024
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AbbeyAutoline, Northern Ireland's largest insurance broker, has announced the acquisition of Coleraine-based Wallace Insurance Brokers' customer book of business. The deal marks the third acquisition by AbbeyAutoline in 2024, following the purchases of Lisnaskea-based Martin Carey Insurance and Downpatrick-based Down Insurances.
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AbbeyAutoline, Northern Ireland's largest insurance broker, has announced the acquisition of Coleraine-based Wallace Insurance Brokers' customer book of business. The deal marks the third acquisition by AbbeyAutoline in 2024, following the purchases of Lisnaskea-based Martin Carey Insurance and Downpatrick-based Down Insurances.
01 November 2012
Quinns Due Back In Court
Sean Quinn and his son are due back in a Dublin court later as the inquiry continues as to whether or not the former billionaires have complied with court orders. Sean Quinn was once the richest man in Ireland, but declared himself bankrupt last year.
Quinns Due Back In Court
Sean Quinn and his son are due back in a Dublin court later as the inquiry continues as to whether or not the former billionaires have complied with court orders. Sean Quinn was once the richest man in Ireland, but declared himself bankrupt last year.
06 May 2010
Quinn Steps Back As Stormont Steps In
Just hours after news that Sean Quinn is to stand down from the board of the troubled Quinn Group, a Stormont nominee is to step in to co-ordinate the NI Government's response to the situation at Quinn Insurance.
Quinn Steps Back As Stormont Steps In
Just hours after news that Sean Quinn is to stand down from the board of the troubled Quinn Group, a Stormont nominee is to step in to co-ordinate the NI Government's response to the situation at Quinn Insurance.
13 June 2014
US Firm Buys NI's Largest Independent Insurance Broker
Northern Ireland's largest independent insurance broker has been bought by US firm Liberty Mutual. Newtownards-based Hughes Insurance has been acquired by the US company, who already owns the former Quinn Direct insurance business. Hughes was formed in 1977 and employs over 300 people.
US Firm Buys NI's Largest Independent Insurance Broker
Northern Ireland's largest independent insurance broker has been bought by US firm Liberty Mutual. Newtownards-based Hughes Insurance has been acquired by the US company, who already owns the former Quinn Direct insurance business. Hughes was formed in 1977 and employs over 300 people.
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
