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.
Prudential admits to further delays in AIG acquisition
The reputation of the Prudential management is today in tatters with confirmation that planned stock market listings in Hong Kong and Singapore have been delayed due to concerns expressed by the Financial Services Authority [FSA] with regards to capital requirements for the enlarged group. While there are no problems with regards to Prudential itself, it is the massive changes the acquisition woul...Read More
Has Gordon Brown made a big mistake with the national insurance increase?
Despite various attempts by the Labour Party to take the subject of national insurance off the headlines over the last few days there is no doubt this is becoming something of a major issue. The Conservative party is adamant that the increase in national insurance contributions is actually a tax on jobs and is hounding the UK government this weekend. It is also becoming evident that this is having...Read More
Brits urged to reassess insurance cover amid economic concerns
Britons have been urged to assess their insurance cover in the light of signs that an economic downturn is setting in. In a study conducted by PruProtection, it was discovered that nine per cent of the population have no insurance cover at all. Meanwhile, just 13 per cent of those polled have mortgage payment protection insurance, payment protection insurance or accident, sickness and unemployment...Read More
FCA: PPI compensation can only be claimed up to 2018
27/11/2015 People in the UK who were mis-sold payment protection insurance (PPI) will now have until 2018 to claim compensation under new regulations introduced intending to draw a line under the issue. The PPI mis-selling scandal was one of the biggest the country has ever seen, and so far Britain’s banks have set aside £28 billion to cover refunds and compensation. The Financial Co...Read More
Homeowners advised to get accidental damage cover
Homeowners are being told to get accidental damage cover when taking out a home insurance policy if they are considering carrying out any DIY projects.According to the British Insurance Brokers' Association (Biba), people who are undertaking DIY projects need to ensure that they are covered for accidental damage on their home insurance policy so as to protect them in the event that they have an ac...Read More