Quinn-direct’s profits hit high of €153m

QUINN-DIRECT Insurance pushed sales up by 33% to €473m last year despite cutting premium prices by 10% to record pre-tax profits of €153m, up 19%.

The general manager of Quinn-direct, Kevin Lunney said they are extremely pleased with the strong growth and profit being generated by each segment of their business. Mr Lunney said there has been evidence that recent Government initiatives here have lowered the cost of claims on the roads and in the workplace, adding:

“We adopt a very proactive approach to claims management, which helps reduce our exposure to legal and related costs,” he said.

The company is owned by Sean Quinn, the richest Irishman in Britain, according to the 2004 Sunday Times ‘Rich List’, which estimated his and wife Patricia’s family fortune at €1,118m. He was ahead of Prince Charles and Harry Potter author JK Rowling and the Harrods Boss Mohamed Al Fayed in the list.

Quinn-direct made €98m (2003 €72m) in underwriting profits and investment gains €55m (€56m) in 2004.

Mr Lunney said Quinn-direct’s predominantly direct business model continues to be more efficient and cost effective than traditional sales methods.

“We believe we have a good understanding of the needs of our business customers given the wide range of industries that the Quinn Group has experience of. This, combined with a true partnership approach to risk management is proving highly successful with our commercial customers in both Britain and Ireland.

“There has been evidence that recent Government initiatives in Ireland have lowered the cost of claims on the roads and in the workplace.

“We adopt a very proactive approach to claims management, which helps reduce our exposure to legal and related costs,” he said.

Mr Lunney also reported that there has been a positive start to the company’s operations in Britain where it opened its first sales support office at Salford Quays, Manchester. “Further investment has been made in leading-edge contact-centre technology infrastructure and staff development, with the company now employing over 1,000 personnel in its five offices in Ireland and Britain,” the company said in a statement.

The company believes that the ‘continuing efficiencies’ of its operation will ensure its position as the fastest growing insurer in Ireland will be maintained. “Our strong capital base and modern physical infrastructure have created the necessary environment to achieve sustained growth into the future.

“We are confident in our ability to further improve our position in both markets and see significant ongoing opportunities to further extend our reach in terms of products and market share,” the company said.