Administrators ‘not looking for quick sale of company’

THE administrators put in charge of Quinn Insurance will not be seeking a quick sale of the company.

Paul McCann and Michael McAteer of Grant Thornton were appointed administrators to the country’s second largest insurance provider, following a High Court application made by the Financial Regulator over concerns about how the business was being run.

Asked about the expected timeframe for Quinn to be under administration, Mr McCann said it was “difficult to say, but “it will take some time” – adding that himself and Mr McAteer were meeting with the company’s management to understand the business.

The future for the insurance arm of the Quinn Group – which includes the Quinn Direct and Quinn Healthcare brands (yesterday’s developments do not affect the Quinn Life business) – could go any number of ways; including a winding down of the business or a sale to a third party.

Mr McCann said any sale decision would be one for the future and that particular call wouldn’t be made in the immediate future.

The central message – from both the administrators and the Financial Regulator itself – was existing policyholders should not be overly-concerned.

The administrators said their aim is to manage the business as a going concern, “with a view to placing it on a sound financial and commercial footing”, adding that customers “are unaffected by our appointment and all valid claims will be met by the company”.

The company has about one million policyholders across Ireland and Britain.

Those customers based in the Republic will be able to continue renewing policies and making claims, but Quinn’s insurance business has been instructed to cease accepting new business in Britain and Northern Ireland – an attempt to limit financial losses in the British operation.