Our Statement on Quinn Insurance Ltd (UK)

Statement 30th March 2010

Dublin accountancy firm, Grant Thornton have been called in by the Financial Regulators to replace the existing senior management of Quinn Insurance Ltd. 

The Financial Regulator has separately directed Quinn Insurance Ltd (UK) to stop writing new business in the UK, however existing policyholders will not be affected and all existing policies will remain valid and claims will be honoured the usual way. 

Quinn are still writing business in Ireland and the above action has been taken by the regulator in the interests of the policy holders and to remain open by preventing further financial losses from unprofitable UK business.  In a statement, the regulator said:  "policyholders of Quinn Insurance Limited can continue to renew policies, carry out new business and make claims in the normal way. The appointment of joint provisional administrators will better protect policyholders. It will 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.”

The Financial Regulator has an on site presence in the firm to oversee its actions and to work with the new management, this will protect the policyholders interests and to ensure Quinn Insurance Ltd (UK) meets its liability to its UK business.

Direct Insurance is satisfied with the actions of the Financial Regulator and at this stage we ask you not to worry as Quinn Insurance Ltd will continue to meet any potential liabilities.  

Direct Insurance has access to a large panel of Insurers which we will be accessing when the renewal of your policy is due, as normal.

I trust the above is clarification of the situation and should you have any further queries or concerns please do not hesitate to contact us.

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