Insurance policyholders look set to fork out for the failures of the Quinn empire until 2037, the Department of Finance has said.

The joint administrators of Quinn Insurance Ltd are suing the firm’s former auditors PriceWaterhouseCoopers for around €1bn over alleged negligent auditing of the company’s accounts over several years.

Quinn Insurance and subsidiaries last year returned to profit, recording pre-tax profits of €99.8m in spite of revenues more than halving to €223m.

Insurance customers could be paying levies to cover Quinn’s losses for 25 years as the size of the firm’s financial black hole doubled and the Government expressed anger at being “misled” on the scale of the crisis.

Finance Minister Michael Noonan told the administrators of Quinn Insurance (QIL) he was frustrated at the “large underestimation” which has seen the liabilities for the insurance compensation fund rise to a possible €1.65bn.

The President of the High Court has cut by 20% the fees sought by the joint administrators of Quinn Insurance Ltd (QIL).

The sale of Quinn Insurance Ltd to the Liberty Mutual/Anglo Irish Bank joint venture was put in jeopardy as a result of under-reporting of reserves by QIL's employees, the High Court heard today.

THE alternative to the sale of Quinn Insurance Ltd (QIL) would be liquidation, massive job losses and “further catastrophic losses to the local community”, the president of the High Court said yesterday when giving his reasons for approving the sale.

THE go-ahead for the restructuring of Quinn Insurance (QIL) — including a change of ownership and a €700 million compensation injection — has been granted by the European Commission (EC).

THE Quinn Group made an operating loss of €888.5 million in 2009, according to its latest set of available accounts.

The Quinn group lost €852m in 2009, the company announced this morning.

THE new owners of Quinn Insurance (QIL) have expressed confidence in the company’s growth prospects, but indicated the firm will no longer be the cheapest player in the Irish market.

IRISH Life & Permanent (IL&P) is set to become the new owner of Quinn Healthcare — the latest element of the Quinn Group of businesses set for sale — before the end of the year.

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

US insurer, Liberty Mutual has agreed to pump €102 million into Quinn Insurance (QIL), upon taking control of the bulk of the loss-making company.

The Quinn Insurance takeover will be complete by mid-August after company returns revealed losses of €706m in 2009.

Quinn Insurance, the leading insurance firm founded by tycoon Sean Quinn, had losses of €706m in 2009.

US INSURANCE giant Liberty Mutual has been granted preferred bidder status for Quinn Insurance (QIL), as part of a joint venture with Anglo Irish Bank.

THE administrators in charge of Quinn Insurance (QIL) have said that there is no takeover proposal by the Quinn family on the table for the business, despite a Quinn Group statement to the contrary.

ZURICH Insurance and a joint approach by Anglo Irish Bank and US insurer, Liberty Global, are understood to be the two bidders left in the frame to acquire Quinn Insurance (QIL).

ANGLO Irish Bank has formally joined the race to take control of Quinn Insurance (QIL) by lodging an expression of interest ahead of yesterday evening’s bid deadline.

A PRO-QUINN Insurance (QIL) lobby group has called on the Government to endorse a bailout proposal for the business, which would see Anglo Irish Bank take over the business and re-finance the debt which it is owed.

QUINN Insurance has been told it does not have enough capital reserves to restart writing commercial business in Britain.

The Central Bank and Financial Regulator have upheld their decision to stop Quinn Insurance Limited from restart writing commercial insurance in the UK.

THE administrators currently in charge of Quinn Insurance Ltd (QIL) and its various subsidiary companies have reorganised the boards of each business in accordance with their effective temporary taking over of the group, documents filed with the Companies Office show.

PRO-Quinn Insurance (QIL) lobbyists have proposed the issuing of a Government bond as a way of raising the funding to facilitate its “return to normal trading”.

QUINN Insurance (QIL) is no closer to being sold despite the news that it has piqued the interest of one of the main players in the US market.

Colin Morgan is to step down as CEO of Quinn Insurance, it was announced today.

THE Financial Regulator has further relaxed its ban on Quinn Insurance (QIL) doing business in Britain and Northern Ireland, allowing the company to fully resume offering motor insurance to customers.

MORE than 1,000 job losses are still anticipated at Quinn Insurance, despite the partial reopening of new business lines at its British operations diluting initial job loss estimates.

Administrators appointed to Quinn Insurance have warned of job cuts, the embattled company revealed last night.

THE joint administrator of Quinn Insurance has written to staff announcing a business assessment which will almost certainly end in job losses.

THE sudden decision by Sean Quinn to give up the fight against administration came less than 24 hours after regulator Matthew Elderfield said he would lift the sanction if Quinn could come up with the money.

The High Court has this afternoon appointed permanent administrators to take over the running of Quinn Insurance.

The High Court's decision to adjourn the hearing on the future of Quinn Insurance for a week is being widely welcomed.

The Quinn Group today rejected claims it was facing a €700m black hole and insisted its insurance wing needed only up to €150m to get back on a sure footing.

Quinn Group has said there is "no basis" for the speculation that its insurance business needs an injection of €700m.

THE Quinn Group late last night denied it needed €700m in cash to meet the solvency requirements of the financial regulator.

THE implosion of our financial services sector just keeps giving more trauma and we have been constantly misled with only partial, minimalist, optimistic instalments of information. This has led the state to take ownership of virtually the entire indigenous banking sector and its liabilities.

Workers at the beleaguered Quinn Group said today that they were confident the multinational's UK insurance wing would reopen for business this Friday.

THOUSANDS of Quinn employees are due to march in Cavan and Dublin today to protest at their jobs being put at risk by the Financial Regulator’s “rash decision” to place the company into administration.

Tycoon Sean Quinn today accused the Financial Regulator of getting its sums wrong amid claims his insurance division has a €448m black hole in its books.

The Quinn Group today blasted as “pre-emptive, aggressive and unnecessary” yesterday’s move by the Financial Regulator to appoint provisional administrators to Quinn Insurance.