Quinn Insurance administrator speaks out

Quinn Insurance adminstrator Paul McCann, appointed today by the High Court to act as joint provisional administrators has spoken for the first time since being placed in charge of the Irish insurer.

McCann, along with Michael McAteer - both of Grant Thornton - will take over the management of the business of Quinn Insurance Limited and carry out the business as a going concern with a view to placing it on a sound financial and commercial footing.

Speaking on Irish radio to RTE News at One, McCann said: "The customers of the company are unaffected by our appointment, and all valid claims will be met by the company. There will be no change for them, [customers] they can be assured of that."

“The administrator has powers under the insurance act and essentially the role of the administrator is to take over the management of the business of the insurer, and carry out that business as a going concern, with a view to placing it on a sound commercial and financial footing.”

“That is what we will endeavour to do now”.

When asked how long they will be in the role of Administrators, he said: "We are meeting with the management of company to understand the business. It will take some time.”