Irish authorities place Quinn Insurance into administration
The Irish financial regulatory authorities have today placed Quinn Insurance Ltd, one of Ireland's largest insurance companies, into administration amid unclear matters which have come to light after an investigation of the company. However, the company, founded by one of Ireland's richest investors Sean Quinn, believes it could have corrected the mystery issues without being placed into administration.
Quinn Insurance Ltd today claimed to be making around $27 million a month in profits although it is unclear why the regulator would act so swiftly if the company appeared to be in such good health. No doubt we will hear more rumours and counter rumours in the days and weeks ahead and while the authorities are looking to secure and firm up the financial sector, on the face of it there looks to be more short-term pain ahead but hopefully long-term gain.
This is yet another blow for the Irish financial sector which has become a very difficult place in which to trade over the last few months. Indeed the Irish authorities are looking to step in to take over a significant chunk of the market with an announcement expected at 5 PM hopefully clarifying the situation regarding the overall market.
Insurer withdraws cover for JJB
News that a credit insurer has withdrawn cover for JJB has sent the shares into something of a tailspin after a disastrous couple of weeks for the UK giant. The move could have a serious affect on JJB's ability to trade normally as the cover in question relates to suppliers and ensures that suppliers will get paid in the event that the customer was to endure financial troubles. So what next for...Read More
Royal Bank of Scotland on the verge of Direct Line sale
Despite the fact that Royal Bank of Scotland had initially wanted to sell its Direct Line insurance division in 2012 via an IPO it is believed the company is on the verge of announcing a trade sale very soon. There is speculation that figures such as Warren Buffett, the investment guru, have already stepped forward to show their interest in what is a quality operation. It seems rather strange t...Read More
Aviva Announces Large Scale Job Cuts
As UK insurance giant Aviva announced job cuts of up to 1,800 due the intended closure of a number of their UK call centres, employers union Unite has entered the fray. Unite is currently at the centre of a number of strike actions throughout the UK and there are concerns that their involvement at such an early stage may well be a precursor to industrial action in the not too distant future.
Are you fully insured?
As you might expect, the recession has brought a number of criminals into play and burglaries and thefts have increased dramatically over the last two years. Even though many people are insured for the household goods and possibly garden items, it would appear that many people are underinsured as they have not reviewed their insurance policies for many years.
It is no secret that mo...
LV Fined £840,000 For Miss-Selling Insurance Policies
Liverpool Victoria is one of the oldest insurance companies in the UK market but a near perfect copy book has been blotted somewhat with news that the group has been fined £840,000 by the Financial Services Authority. The fine is a huge blow to the company which has long been regarded as one of the more customer friendly insurance companies.
The fine relates to the sale of persona...