Catalina awaits authorisation on overseas Quinn Insurance policies
International group’s case to be heard at High Court on June 5th
Quinn Insurance: as of September 30th, there were 2,317 claims outstanding on its policies. Photograph: Julien Behal/PA Wire
The company that is set to acquire the remaining claims associated with overseas policies written by the former Quinn Insurance Ltd, is awaiting certain authorisations from the Central Bank of Ireland, according to an affidavit supplied to the High Court by the joint administrator, Michael McAteer of Grant Thornton.
The administrators have petitioned the court to permit the transfer of these policies to Catalina Insurance Ireland Ltd, an international group that will be authorised here.
It advertised its intentions in The Irish Times yesterday, as per a direction of the High Court last week. The matter is due to return for hearing on June 5th.
According to the affidavit, Catalina is in the process of applying to the Central Bank to extend its authorisation in non-life categories, from eight to 10.
It is understood that the administrators are hoping to effect the transfer by the middle of this year, by which time Catalina would need to have received its necessary authorisations from the regulator.
As of September 30th last, the number of claims outstanding on these policies was 2,317, of which 30 related to policies outside the UK. The total reserves of QIL amounted to €461 million at that date.
Catalina won a tender to secure these policies although the financial details of the transaction have not been made public. This deal effectively limits the exposure of Irish taxpayers to additional future claims from these overseas policies.