Concerns prove justified
A Shropshire insurance broker says its decision not to deal with one of the fastest growing insurers in the industry has regrettably proved correct.
Henshalls Insurance Brokers, which has offices in Newport and Shrewsbury, has responded to the news that administrators have been called in to Quinn Insurance Group Limited.
Director David Williams, said: "Several years ago, Quinn approached us with a view to recommending their company to clients, but we decided against offering their contracts.
"And now, the High Court in Ireland has appointed two joint provisional administrators who have been instructed to start work immediately."
The move comes following serious concerns about the way Quinn Insurance was managing its affairs, and the administrators will now run the general insurance side of the business as a going concern, in the interests of policyholders.
"The administrators say the company will no longer be taking on new business in the UK and will also not be renewing any existing policies in the UK with immediate effect.
"It does appear though that existing policies will remain valid, and customers will be able to make claims in the normal way, but any person or company that holds a policy with Quinn should contact the insurance intermediary that arranged the cover to check their own individual circumstances."
Quinn Insurance was established in 1996 and its website claimed the company had "driven down the cost of insurance in Ireland and gained a reputation for value, customer service and innovation".
They provided general insurance products including private and commercial motor insurance, motorcycle insurance, home insurance but primarily specialise in contractors' insurance, solicitor's professional indemnity and motor policies for young drivers.
Quinn Insurance also claimed to be the "fastest growing insurance company" and the "second largest insurer" in Ireland. The company also operates Quinn Insurance UK.
