Quinn-direct Insurance has announced a pre-tax profit of £158m for 2005. The Ireland-based insurer's written premium increased by 31% to £422m.
The company said it is particularly pleased with its progress in Irish motor and commercial liability lines.
It added that UK motor business is also progressing well, following Quinn-direct's entry into the market early last year.
Colin Morgan, Quinn-direct's general manager, attributes the insurer's positive results to a number of factors, including a direct business model, proactive claims management, an understanding of the needs of business customers and a partnership approach to risk management.
He said: “These and other factors give Quinn-direct a significant cost advantage over our competitors and enable us to pass on meaningful cost savings to customers.”
However, Morgan has also expressed concern about anti-competitive practices in Ireland. “Despite the tremendous success and strong financial position of our organisation the three largest insurance brokers in Ireland (Marsh, Coyle Hamilton Willis and Aon) do not offer our products.
“It is our view that a number of questions need to be raised in respect of this and other anti-competitive practices within the Irish insurance market.
“In conclusion, we believe these anti-competitive practices are in place because these international companies are unable to compete with our cost structure and they feel that the only way to retain business is for the broker and insurer to work together to discredit our product and then continue their ‘old boys network' of tying up practically all of the business insurance these international brokers control.”
