A PROVISIONAL administrator has been appointed by the High Court to Quinn Insurance, the holding group of Quinn Direct and Quinn Healthcare.
Mr Justice John Cooke placed Paul McCann and Michael McAteer of Grant Thornton as joint provisional administrators to the company after the Financial Regulator expressed serious concerns about the finances of the company and its management.
The administrators will have a presence in the company and will begin their work immediately while the company continues to trade and allow customers to continue with claims and renewals as normal.
The court application to appoint the administrators was heard in Dublin this Tuesday after the Financial Regulator stated that the company had significant breaches in its solvency ratios. The court heard that the company had changed from having more that €200 million of assets over liabilities, to a position where the company had a €200 million of liabilities over assets.
