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Quinn's luck finally runs out

Quinn Insurance has been placed into provisional administration by the Irish regulator and is now closed for business in the UK. This comes against a backdrop of coded health warnings from trade associations and having been fined millions by the Irish regulator.

As reported in the Insurance Times 01/04/10.
"The reality wa sthat its cheap prices were dividing brokers into camps of those who would and those who felt they ought not to trust their clients with Quinn. And there was also at least one rival insurer who, whatever the accuracy of the accusations, privately wouldn't deal with brokers who placed accounts with Quinn in a bid to send a cold bt definite message about the integrity of its relationships.
Today, the brokers who did do business with Quinn are having difficult conversations with their clients, while everybody else is trying to make hay. In an echo of the collapse of Independent Insurance, the market is now asking how this situation was allowed to happen and why an intervention did not come sooner. After all, it was the FSA that passported Quinn in."

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