Court approves Quinn €100m repayment

A €100 million repayment by the administrators of Quinn Insurance Ltd to the State- backed Insurance Compensation Fund has been approved by the High Court.

To date, €1.158 billion has been drawn down from the fund to meet claims of policyholders. Further drawdowns by the company from the fund are anticipated in early 2016, the court heard.

Arising out of the administration, some €1.158 billion has been paid out of the compensation fund resulting in a 2 per cent levy on all non-life insurance policies.

The administration is expected to end in 2016, the court was previously told.

Secured orders
Jane Marshall, solicitor for the joint administrators, Michael McAteer and Paul McCann of Grant Thornton, who were appointed to Quinn in March 2010, today secured orders from the president of the High Court, Mr Justice Nicholas Kearns, approving the €100 million repayment on or after next Monday.

In an affidavit, Mr McAteer said the administrators had, in June 2012, estimated the call on the fund was likely to be between €1.1 billion and €1.3 billion but could be as high as €1.6 billion.