The Quinn Group said premium income and profitability at its general insurance operation, Quinn Direct, had exceeded all expectations since it was started in 1996.
After four years in operation, the company has more than 100,000 policy-holders, is giving 10,000 quotations a week and employs more than 200 people between its main office in Cavan and its branch on Dublin's O'Connell Street.
Premium income totalled £11 million (€14 million) in 1996, its first year of operation, but the group expects it to top £60 million for 1999.
Although figures for last year have yet to be finalised, Mr Kevin Lunney, director of financial services with the Quinn group, said it had moved from a loss-making position in its first year of operation to an expectation of a record pre-tax profit of £6 million for 1999. This places it eighth in terms of general insurance providers in the state, he said.
Quinn Direct is currently looking at offering motor insurance on the Internet, a service it hopes will be in place by the end of the first quarter after which it will consider selling other insurance products online.
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