Losses of €706m will lead to call on state fund

QUINN INSURANCE (QIL) made a total loss of €706 million in 2009 and is likely to report further losses of €160m for last year.

The figures mean that QIL is likely to make a call on the state’s Insurance Compensation Fund and could also result in an industry-wide levy being applied to non-life insurance customers.

The company — which has been in administration for just over a year but is about to be taken over by US insurer, Liberty Mutual — released its most up-to-date financial figures yesterday.