Epic scale of Quinn’s horror underwriting and reserving to be probed in High Court
The horrifying underwriting losses and shoddy reserving which cost Quinn Insurance €800m is to be probed in the High Court today.
Administrators for Quinn Insurance and the head of general insurance supervision at the Central Bank, Domhnall Cullinan, will reveal to the court details of Quinn’s losses, The Irish Times says.
Losses on reserving and writing unprofitable business in professional indemnity, personal lines motor and commercial lines cost Quinn Insurance between €700 and €800m.
The Irish Compensation Fund is on the hook for another €200m to banks and bondholders to wipe out guarantees by the insurer’s subsidiaries to cover debts.Total administrations costs could hit €1.65bn.
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