Administrators slate brokers

Quinn Insurance’ provisional administrators Paul McCann and Michael McAteer have dismissed the Irish Brokers Association’s statements that commercial insurers could lose out if Quinn went bust, the Irish Times reports.

They said the legal position set out by the IBA is not relevant as Quinn Insurance is not in liquidation. “In the history of the administration process since it was introduced in 1983, no company which has gone into administration has gone into liquidation.

“We therefore write to reassure you that the legal position set out by the Insurance Brokers Association is not relevant as QIL is in administration.”