Quinn Direct records €69m profits after premiums boost

QUINN Direct, the insurance company owned by the Cavan businessman Seán Quinn, made profits of €69 million in the first six months of the year.

That was a €17m increase on the figures for the six months to June 2003. The figures were boosted by a 38% increase in premiums written to €245m, though the company insisted that it had been reducing rates across its business.

The company made a profit of €51m on its underwriting business, while the remaining e18m came from investment gains.