Sean Quinn attempts to rescue his insurance empire
Sean Quinn, the founder of Quinn Insurance, yesterday served various papers on the Irish financial regulator which have resulted in a week-long reprieve before the company is possibly placed into permanent administration. As we covered in one of our earlier articles, the Irish regulator stepped in to effectively try and close down Quinn Insurance last week citing various regulatory problems and concerns.
However, the company has been fighting a battle over the last week claiming that issues raised by the regulator have been addressed and the company is still profitable and able to trade. A High Court hearing yesterday was suspended after papers were served to the regulator and the judge awarded a one-week reprieve giving Sean Quinn seven days to try and save his insurance empire.
At this stage it is unclear exactly what the regulator was and is concerned about because very little has been placed into the public domain as yet. However, it is likely that, assuming the issue goes to court, we will hear further details which should cast more light on this rather mysterious saga.
Quinn Insurance is just one of many companies which have felt the wrath of the financial regulator over the last two years. An increase in fines, court cases and in some cases suspensions and administration has certainly been the name of the day from regulators in the UK and in Ireland.
Share this..
Related stories
LGA warns of significant risk of flooding for UK homes
The Local Government Association (LGA) has issued a warning to the UK government with regards to the risk of potential flooding for up to 50,000 homes across the UK. The LGA is deeply concerned that the situation which arose in 2007 could arise again as no progress has been made on promised changes. The problem back in 2007 related to surface water as much as direct rainfall with a number of drain...
Read MoreHomeowners warned over Easter DIY mishaps
Homeowners have been advised to check their home insurance policy before undertaking any DIY this Easter weekend or risk ending up out of pocket in the event of a mishap. Home insurance provider Allianz Insurance predicts that this Easter the collective bill for damage caused by DIY accidents could reach as high as £25 million. In the event that they are not comprehensively ensured for such event...
Read MoreInsurance industry 'can stay competitive'
Insurers can ride out the current difficulties facing the industry as costs rise, with the consumer set to benefit.That is the message from the Association of British Insurers (ABI), which says that soaring costs to the tune of 75 per cent in bodily injury claims since 2000 and 66 per cent in accidental damage claims can be negotiated.Speaking to BBC Radio 5 Live's Wake Up To Money,...
Read MoreGarden security warning from home insurance firm
Neglecting garden security in the summer months could result in a costly home insurance claim, the Cheshire Building Society has warned. According to research conducted by the home insurance provider, around one third of all insurance claims occur during the summer months. Much of the glut of summer claims is due to people failing to secure their garden properly, said Karen Torson, partnerships bu...
Read MoreSix million Brits caught out by ignoring small print
Over half of all UK adults fail to read the small print when purchasing financial or electrical products, a survey has revealed.The research by price comparison website Go Compare shows that six million people have had difficulties after not paying attention to terms and conditions.One of the main products where this problem is particularly notable is when people find that they are not covered ade...
Read More