Quinn climbdown on administration

The Quinn Insurance board has confirmed it has withdrawn its objection to the petition for the appointment of joint administrators to the company.

Quinn Insurance chairman Jim Quigley said in a statement: “This decision has been taken after very careful consideration. We have concluded that, given what has happened, it is in the best interests of the company, our employees and policyholders that, as a matter of urgency, we work closely with the administrators and the Financial Regulator to get the situation resolved as quickly as possible. In particular, we would hope that working together we can find a way to re-commence business in the United Kingdom.”

A Quinn Group spokesman added: “Quinn Group fully supports the decision of the Quinn Insurance board and looks forward to working with the administrators and the Financial Regulator to find a constructive solution for all stakeholders and in particular our employees. We continue to pursue a number of options and are confident that a solution will be found to secure the long term future of the business."

Administrators Grant Thornton also confirmed their appointmet. "As administrators of Quinn Insurance Limited it remains our court appointed duty to place the company on a sound commercial and financial footing.

"We already have a highly skilled team on location in Cavan, Dublin, Navan, Manchester and Enniskillen which will continue assessing the Quinn Insurance business.

"Since our appointment as provisional administrators on the 30th March we have received excellent cooperation from the staff and management in all locations in what have been difficult circumstances.

"We will continue to engage constructively with staff and management at QIL as we endeavour to secure the future of the company.

"Customers of the company continue to be unaffected by our appointment - all valid claims will be met. Customers with queries should contact Quinn Direct in the usual manner."