QUINN-direct pre-tax profits up a third

QUINN-direct Insurance, the only wholly-owned Irish insurer, today announced that it made a pre-tax profit of €69m in the six-month period to the end of June 2004, an increase of 33% over the first half of 2003.

Written premiums increased by 38% to €245m in the period. Premium rates have continued to decrease across all business lines during the period.

The company continued to grow in the second half of the year, with a particular focus on its recent entry into the UK market.

According to QUINN-direct, growth has been achieved “through high quality customer service and competitive pricing”.

QUINN-direct’s general manager Kevin Lunney said: "We are very satisfied with the strong growth and profit being generated by QUINN-direct.

“There is significant strength in the underwriting performance of the business and this is attributable to a number of factors.

He said that there was evidence that recent Government initiatives had lowered the costs of claims on the roads and in the workplace

“The past 18 months have seen us reduce premiums by approximately 30%,” he added.

“The competitiveness of our pricing has been proven by recent surveys and a 38% growth in turnover in the period.

“We foresee that the continuing efficiencies of our operation will ensure that our position as the fastest-growing insurer will be maintained.

“This in turn will allow us to improve our position in the market and keep us number-one for value and customer service."