Quinn finally gives in to the regulator

QUINN Insurance has finally bowed to the Financial Regulator’s demand to have its insurance arm, which employs 2,800 people, placed into permanent administration in a move heralded as a fresh start in Irish corporate governance.

A hastily arranged High Court sitting in Dublin was told the Quinn Group would permit the firm to be run by two outside managers, with the aim of protecting jobs and putting it back on a sure footing.

Industry representatives welcomed the move and the fact that the regulator had finally been able to assert his authority in the case of the troubled company.