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.
Quinn insurance in move to re-open UK arm
Quinn insurance, the Irish insurance company currently under investigation by the financial regulator, will today make moves to reopen its UK operation which was barred from writing new business last week. The move comes as founder Sean Quinn continues his battle with the regulator in an attempt to reopen parts of his business, which has struggled since intervention by the financial regulator....Read More
Should you buy private healthcare?
The private healthcare issue is very similar to the pensions situation as the value of the NHS to each and every person in the UK is diminishing under a mountain of executives, healthcare trusts and excess spending. The days when you were able to go to the doctor and arrange an immediate appointment at the hospital have long gone with many people waiting years to get treatment.
Insurance warning from esure
In-store insurance policies should be avoided if consumers want to save money, esure has warned.The insurance company has conduced research which found that nearly a quarter (23 per cent) of Britons buy extra insurance for products bought from a retailer.However, of this group, 3.3 million already have home contents insurance, meaning the extra cover is useless.The company warned that buying unnee...Read More
Lloyds Bank fails to agree toxic asset insurance deal
It has today been revealed that Lloyds Bank is no nearer an agreement with the UK authorities with regards to its toxic assets from the combined Lloyds Bank and HBOS group. While the amount of toxic assets in question is less than half of that which has already been agreed with the Royal Bank of Scotland there appears to be some problem on the side of the UK authorities. There is speculation that...Read More
Uninsured homeowners risk 'a huge blow' to their finances
Homeowners have been urged to ensure they have adequate home insurance cover, in the wake of a study indicating that storm-related insurance claims are set to increase by over a third in coming years. The German study predicted that should Britain continue to suffer from the high winds and heavy downpours seen last summer, storm related losses are set to increase by 37 per cent. Last year, the tot...Read More