Administrator appointed to Quinn Insurance

The High Court has today appointed joint provisional administrators to Quinn Insurance Limited, following an application by the Financial Regulator.

The Financial Regulator has also commenced an investigation into "certain matters within Quinn Insurance Limited that have very recently come to light".

The Regulator said that it has taken this action "in the interests of the firm’s policyholders".

Irish policyholders of Quinn Insurance Limited – owned by billionaire Sean Quinn – can continue to renew policies, carry out new business and make claims in the normal way.

"The appointment of joint provisional administrators will better protect policyholders," said a statement from the Regulator today.

"It will allow the firm to remain open for business, to continue to be run as a going concern under different management and to put the business on a sound commercial and financial footing."

The Financial Regulator has an onsite presence in the firm to oversee its actions and to work with the new management.

In addition, the Financial Regulator has separately directed Quinn Insurance Limited to cease writing new business in the UK. Existing UK policyholders will not be affected by this decision as existing policies will remain valid. Customers can make claims in the normal way.

Paul McCann and Michael McAteer of Grant Thornton have been named as the provisional administrators.