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.
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Led by the enigmatic Michael Bright, Independent Insurance was one of the darlings of the City for many years, producing figures which not only seemed to go against market trends, but seemed just too good to be true. Ultimately this proved to be the case with the company suddenly collapsing in 2000 with the loss of hundreds of jobs.
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