The High Court has appointed provisional administrators to Quinn Insurance, owner of Quinn Direct and Quinn Healthcare, after the Financial Regulator of Ireland expressed serious concerns about the finances of the company and how it was being managed.
This in effect means that the state has taken control of Ireland’s largest insurance company.
Irish policyholders of Quinn Insurance can continue to renew policies, carry out new business and make claims in the normal way.
Quinn Healthcare took over the Irish business of Bupa, and is one of only three health insurers in the country.
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. The effect of this action is to prevent Quinn Insurance Limited suffering further financial losses from its currently unprofitable UK business.
These actions do not apply to the Quinn Life business, which is a separate entity. It is unaffected by these measures.