Quinn Insurance in administration: What you need to know

Customers of Quinn Insurance may have seen the announcement that the company has been put into administration by the High Court in Dublin. If you are an existing UK or Irish policyholder with Quinn Insurance, this is no cause for concern - the Financial Regulator has released the following statement:

Irish Policyholders

"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."

UK customers

"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."

Quinn Life
"These actions do not apply to the Quinn Life business, which is a separate entity. It is unaffected by these measures."

And finally..

In summary, the move by the Irish regulator to put Quinn Insurance into administration does not affect existing customers. As a result, Confused.com is not recommending customers look for alternative insurance cover at this point. Equally the FSA says that policyholders should continue to pay their premiums and Direct Debits in the same way.

The most important thing to note is that, if you have an insurance policy with Quinn Insurance, it is still valid and you remain able to claim against your insurance policy in the normal way. Further information for customers is available via the Financial Regulator website.