Quinn Insurance - News Update

Following news today that the ruling on Quinn Insurance has been postponed for a week whilst further information is sought, we thought we would update you on the direct communication we have received from Quinn Insurance:

Direct Insurance received the following information direct from Paul McCann & Michael McAteer on behalf of Quinn Insurance Ltd:

"On Tuesday, March 30th 2010, following an application by the Irish Financial regulator under section 2 of the 1983 Insurance No 2 Act, the High Court appointed joint provisional administrators to Quinn Insurance Limited.

The 1983 Insurance No 2 act states that an administrator taking over the management of the business of an insurer, shall carry on that business as a going concern with a view to placing it on a sound commercial and financial footing.

Therefore, Quinn Insurance Limited continues to operate as a going concern under the management of the joint provisional administrators, Paul McCann & Michael McAteer of Grant Thornton. 

In addition, the Irish Financial Regulator has seperatley directed Quinn Insurance Limited to cease writing new business in the UK. Existing policies with Quinn Insurance Limited with a renewal date of up to and including Tuesday, 6th April 2010 can be renewed, providing written renewal instructions have been received prior to 6th April 2010.  Terms will not be offered on renewals past this date. If you have already received Renewal Terms from Quinn Insurance and not issued us with written instruction prior to 6th April 2010 the terms will be retracted.

It is important to note that existing UK policyholders will not be affected by this decision and will remain valid. The claims procedure has not changed and claims can continue to be made in the normal way. Outstanding claims will be treated in the usual manner".

Direct Insurance will provide an update on the situation as and when it becomes available.