Quinn Direct go into "provisional" administration

[dark-ryder]

found this on AON

http://www.astraownersnetwork.co.uk/showthread.php?t=88961

email my mum recieved at her office (royal sun alliance insurance)

If you wish to go straight to the page from which this article was sent, click here: Quinn ordered to stop underwriting in the UK as parent put into adminsitration

Following an application by the Financial Regulator, the High Court has today appointed Grant Thornton as joint provisional administrators to Quinn Insurance Limited. The Financial Regulator has taken this action in the interests of the firm's policyholders.

In a statement it said: "Irish policyholders of Quinn Insurance Limited can continue to renew policies, carry out new business and make claims in the normal way.

"The appointment of joint provisional administrators will better protect policyholders. It will allow the firm to remain open for business, to continue to be run as a going concern under different management and to put the business on a sound commercial and financial footing.

"The Financial Regulator has an onsite presence in the firm to oversee its actions and to work with the new management. At the same time the Financial Regulator has commenced an investigation into certain matters within Quinn Insurance Limited that have very recently come to light."

In addition, the Financial Regulator has separately directed Quinn Insurance Limited to cease writing new business in the UK. Existing UK policyholders will not be affected by this decision as existing policies will remain valid. Customers can make claims in the normal way.

The effect of this action is to prevent Quinn Insurance Limited suffering further financial losses from its currently unprofitable UK business, the regulator added.
These actions do not apply to the Quinn Life business, which is a separate entity. It is unaffected by these measures.

Quinn has declined to comment.

well im fecked!! my next quote is 1400 quid double what im paying now

Existing UK policyholders will not be affected by this decision as existing policies will remain valid. Customers can make claims in the normal way.

yea until they go bust and we dont have insurance

other article

Home Markets Insurer Quinn Direct hits the brakes
Daily Mail
31 March 2010, 8:22am
Motor insurer Quinn Direct has closed to new business after its Irish parent Quinn Insurance was placed into 'provisional' administration.


The UK business, which specialises in motor and professional indemnity insurance, is thought to have close to 400,000 customers.
The Financial Services Authority is working closely with the Irish authorities who confirmed that existing UK policyholders will continue to be covered by their insurance.

Quinn Direct customers can continue to make claims and should continue to pay their direct debits and insurance premiums, the watchdog said.

Quinn Direct specialised in low-cost policies for younger drivers, who often signed up through price comparison sites.

really hope they dont go bust as i dont want my insurance to go up by a lot

 

[ChEzNy_91]

oh crap what **** timing :O iv cancelled my astra policy with them at 800 year for 18 yo
so i could fix it up and was due to put back on the road but next insurance quote up from that like 1400quid
PLEASE STAY QUINN !!!!!!!!!!!

 

[Andy_Mk3]

im with quinn, they're robbing *******s and my renewal is only a couple of months off so i coulodnt give a feck!

 

[dark-ryder]

i need to find out when my policy is due, hope its not going to end up costing me too much to move insurance companys

 

[corsa_evn]

**** SAKE where do i stand now with my clame quinn said there would call me back this thursday ARGH!"!!!!

 

[dark-ryder]

mate they are still trading and your policy is still valid and you can still calim in the normal way. chase them up again, we just need to keep an eye on it and make sure that if they do go under, soon as they do you cancell the Direct Debit to them.

but hopefully things will pickup and the comapny will be ok.

 

[fleck]

nfu mutual people.. the way forward!

 

[corsa_evn]

soo if there go under we arnt insured !

 

[dark-ryder]

NFU?!

as yes mate, if they go under our policys are null and void

 

[corsa_evn]

thats a bit **** ! what happens with our no clames bouns ect

 

[fleck]

nfu = national farmers union... call for a quote they are good and mellow about mods etc...

 

[danh]

Oh fan ****ing tastic.

 

[dark-ryder]

thats a bit **** ! what happens with our no clames bouns ect

i think as long as you have finished the whole policy and earned the NCB then you would be entilted to request proof.

 

[BenAstra]

i think as long as you have finished the whole policy and earned the NCB then you would be entilted to request proof.

If you ring them up and ask for confirmation of your NCB they can send you a letter to prove it

 

[rickisgrate]

Adrian Flux FTW

 

[fennyLET]

Adrian Flux FTW

You mite regret saying that if/when you put in for a claim and they say that you are not on there database

 

[dark-ryder]

just phoned them and they said that at the moment all of the policys are ok and you should be able to claim in the normal way. at the moment when the policy comes to an end they wont be able to offer a re-newal and will include proof of your no claims bonus with this (if you have any)

 

[Ben Chiles]

Lol Admiral ftw! ! !

My insurance runs out tomorrow, think i'm leaving this a bit late now

 

[corsa_evn]

my quinn comes to an end in november 2010 i hope and pray there don't go under untill after then lol,

 

[dark-ryder]

you paying monthy?