Quinn Insurance in administration

QUINN Insurance, which employs around 90 staff at offices in Salford Quays, has gone into administration.

The company, part of the Quinn Group based in Ireland, was placed into administration following an intervention by the Financial Regulator in Ireland, which had concerns about its solvency.

The regulator has ordered this wing of the company to stop 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 regulator said.

“The effect of this action is to prevent Quinn Insurance Limited suffering further financial losses from its currently unprofitable UK business.”

The company said in a statement: “This is deeply disappointing for all of us in the context of the continued profitability of the group which is currently in excess of €20m per month.

“However the regulator has seen fit to take this action in the context of a perceived depreciation of underlying assets of Quinn Insurance Limited. We feel that this issue could have been resolved to the benefit to all in a relatively short space of time and we will be working with the Regulator and the Administrator to resolve all outstanding matters.”

It said that the business continues to trade as a going concern with the objective of ensuring a financial restructuring.

It added: “the group is confident that its current negotiations with its lender group will result in a successful re-financing.”

All other group businesses, including the Quinn Glass glass bottle manufacturing business in Cheshire, are unaffected.