Quinn-direct profits up 19%

Quinn-direct Insurance made a pre-tax profit of €153m in 2004, an increase of 19% over the 2003 result.

Written premiums increased by 33% to €473m in the period. The company said this was despite the fact that insurance rates have continued to reduce across all business lines.

Despite reductions in average premiums, underwriting margins have been maintained.

Quinn-direct employs more than 1,000 people in its five offices in Ireland and the UK.