No need for administrator for insurance arm, says Quinn Group

Parent company the Quinn Group criticised the regulator's request for an administrator to be appointed to Quinn Insurance today.

“This is deeply disappointing in the context of the continued profitability of the group which is currently in excess of €20m per month,” the company said.

“However, the Regulator has seen fit to take this action in the context of a perceived depreciation of the underlying assets of Quinn Insurance Limited.

“We feel that this issue could have been resolved to the benefit of all in a relatively short space of time and we will be working with the regulator and the provisional administrators to resolve all outstanding matters.”

The Quinn Group said the insurance business is continuing to trade as a going concern with the aim of financial restructuring to safeguard the overall business in the longer term.