Quinn Insurance (1 Viewer)

aom

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I have been away for a day or two so I'm not sure if this has come up or not.
Quinn insurance has went in to administration, and yip you guessed it they were my insurer. Fortunately the policy runs out at the end of this month so losses for a change will be pretty minimal but for a small company to pay 2 lot's of liabillity insurance in 1 year could be disastrous. NASC advice seem's a bit ropey as they are advising a wait and see policy, administrators are accepting liabillity for policy holders and advising those that pay by monthly instalments continue to do so. All well and good but more than a couple of my customers have already been in touch wanting to know the details of my new insurer, so obviously they are not willing to wait and see.

I have been with Quinn for a couple of years now and they were knocking spot's of the competition on price for all our insurance requirements, even insured the material lying outside the yard when no one else wanted to know, so I reckon they must have picked a lot of work in rescent years and I wondered how many guy's on here will be affected.
 
AOM,

Quinn Insurance have been put into Admin under what seems to me as a political motive.

Sean Quinn and family are heavily debted to ill-fated Anglo Irish Banks who is completely screwed.What looks like whats going on is Anglo want returns and is now wholy owned by the government, so if they hostily take over Quinns Insurance business which is making 30 million a month quids in.

All of Quinns policys are safe and renewal policies will also be safe as they are guranteed by the administrator who in fact was placed in there by the Irish Government.If it was me I would renew with Quinn as its guranteed and they want the business.
 
CelticWarrior,


Dear member,

A statement has been prepared on behalf of the NASC following the recent developments with Quinn Insurance Company. We will notify you accordingly should there be any further updates on this matter.

Quinn Insurance went into provisional administration on the 30th March, in effect this means that the central bank (of Ireland) and the financial regulator has taken control of the Insurance Company. The Financial services Authority (FSA) has issued the following statement :-

“Quinn Insurance Limited is based in Ireland and the lead regulator is the Irish Financial Regulator. The Financial Services Authority (FSA) is working closely with the Irish authorities.

Quinn’s UK branch, Quinn Insurance Limited (UK) or Quinn Direct, specializes in motor and professional indemnity insurance and has now closed to new business.
The Irish regulator has confirmed that existing policyholders in the UK will continue to be covered. Customers of the firm can continue to make claims and should continue to pay direct debits and premiums in the normal way.
Updates will be provided on the FSA website as soon as possible”

The Irish financial regulator has issued the following statement for UK policyholders:-

“Quinn Insurance Limited (UK)

In addition, the Financial Regulator has separately directed Quinn Insurance Limited to cease writing new business in the UK. Existing UK policyholders will not be affected by this decision as existing policies will remain valid. Customers can make claims in the normal way.
The effect of this action is to prevent Quinn Insurance Limited suffering further financial losses from its currently unprofitable UK business. “

Quinn Insurance UK is a member of the Financial Services Compensation Scheme (FSCS). It will pay compensation if an insurance company is unable, or likely to be unable, to pay claims against it - when this happens the firm falls into default. The scheme only applies to Personal Insurances such as Motor and Household or Compulsory classes which would include Employers Liability claims. Compensation is unlimited under the scheme, but you will not get all your money back unless it is a claim for a compulsory insurance, such as third-party motor cover. The scheme covers 100% of the first £2,000 you have lost, plus 90% of the remainder of the claim.




I hope the enclosed is of interest. If you have any queries regarding this content please email, enquiries@nasc.org.uk




Neil Tomlinson MCIM MIDM
NASC Marketing Manager


This is the information supplied by the nasc at the moment. I can see where you are coming from regarding the banks, and if true they deserve to be shot. I'm afraid that rumours have been circulating over hear for a while, probably better not to go into too much detail in open forum. Needless to say,our business is all to often driven by the main contractor and if he says no to a particular insurer then it has to be no. I think there will be a few subbies cancelling policies in the coming weeks.
 
AOM,

Looks exactly like what happened with PMPA Insurance in the eighties, see by the report that new business in the UK has been cancelled which means renewals too.

I do know of an American company doing policies along the same prices as Quinns I well look into it and post their details later..
 
Celtic Warrior,

I'd appreciate that, I've got a few irons in the fire but at the moment it looks like a 50% increase from last year.:mad:
 
AOM,

The Company's name is Liberty Insurance.I'd say your broker (if your using one) could get in touch with them. I know they operate through brokers overhere so I presume that's how it is in the UK.

Let me know how you get on or if you need a contact number and I'll see if I can get it.
 
I am using a broker, and I will certainly give them a push in that direction. Thanks for the tip Celticwarrior, will let you know how it goes.
 
Quinn Insurance in Administration!!

Since the news I have helped a number of subbies that are getting booted off various sites due to having insurance with Quinn!!

I would be interested to know if this has happened to you!!?!!

Im' just going to add that I don’t place business with unstable insurance companies, so this is not my wrong doing, I’m simply correcting other brokers work.

************************************************

I am happy to help if you need it, even if its only a quick chat for some advice. We can place business with a number of insurers that are willing to help out.

More to the point well known insurance companies that will;

a) pay out when a valid claim is made

and

b) be very competitive against the old Quinn cut throat rates


:amazed: What I will say is that leaving it until the next renewal date will end up hitting you in the pocket, im sure premiums will now start to harden for this industry. Secure the premium for the next renewal now!! even if its a few months away. :cry:

Im happy to deal in person or on the phone give me a call. :idea:

Thanks

Daniel

Direct Dial: 0114 290 1113
Mobile: 0772 014 7507
Email: daniel.lane@theovalgroup.com
 
AOM,
Just read this on National News website,

Negotiations on a financial proposal to lift the ban on Quinn Insurance's selling into Northern Ireland and Britain were continuing today between the High Court appointed provisional administrators and company managers.

The workers hope that plan will be given to the Financial Regulator, Matthew Elderfield, within the next 24 hours and that he will then be able to lift the ban by the end of the week.

Staff at Quinn Insurance were also hearing today about last night's talks between politicians, Mr Elderfield and the Governor of the Central Bank, Patrick Honohan.

AdvertisementThe politician delegation stressed the importance of the employment created by Quinn Insurance and in particular the urgent need to lift the ban on the company's doing business in Northern Ireland and Britain.

For their part, the Regulator and the head of the Central Bank pointed out that they were independent, that regulations were there for a reason and they had a job to do.

Minister for Agriculture, Fisheries and Food, Brendan Smith, said he and all the public representatives in the Cavan/Monaghan area want to see the difficulties in the Quinn Group ended as soon as possible.

Mr Smith said he sincerely hoped that the insurance business could soon be resumed in Northern Ireland and in Britain.

The minister would not comment on what's likely to happen when the Financial Regulator applies to have the appointment of the Groups two provisional administrators confirmed by the High court on Monday.

Mr Smith said he wants to see the Groups difficulties overcome as to see it back to business as normal as soon as possible.
 
Celtic Warrior,

Thanks for the info, although my fear would be that it's already too late for them. As I said earlier, rumours were rife already about them and pressure was on to get another provider, so confidence in their abillity to settle any claims now must be pretty near zero. Hopefully I'm wrong and they get through it, no one wants to see another large company dissapear.

The Oval Group

No doubt you could pick up a bit of bussiness on this site but unfortunately I feel I've touted my wee operation round the houses enough this year, but thanks for your input.
 
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