Consumers who have home, health or motor insurance with Quinn Insurance have been assured that they will not be negatively affected by this morning’s appointment of joint provisional administrators to the company by the High Court.
The two main businesses affected by the court order are Quinn Healthcare and Quinn Direct, which offers motor, home and business policies.
In an attempt to assuage policyholder’s concerns, the Financial Regulator stressed that consumers will be able to renew policies, take out new business and make claims in the normal way despite this morning’s developments.
Insurance industry sources have also said there was no need for customers to panic and stressed they should continue to conduct their business with the company normally.
The board of the Irish Brokers Association is currently meeting to discuss the administrators' appointment and a statement is expected shortly.
In a statement, the Regulator said the appointment of the administrators would offer Quinn customers enhanced protection and would “allow the firm to remain open for business, to continue to be run as a going concern under different management and to put the business on a sound commercial and financial footing.”
Some 400,000 Irish people have health insurance policies with the company and it is the second largest general insurer in the Irish market, employing thousands of people.
In a statement Quinn Insurance stressed that its business outside of Quinn Healthcare and Quinn Direct, including its life assurance arm were unaffected by today's move.
The administrators said in a statement this afternoon that customers of Quinn Insurance were unaffected by the appointment and that all valid claims would be met by the company.
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