End of the road
April 16, 2010
Posted by:Sonita Ramkissoon
The insurer was previously fighting against the Irish Financial Regulator's decision to put it into permanent administration. The fight is over now and the company has consented to it being placed into permanent administration at a hearing in the High Court in Dublin today. The administrators will now aim to protect jobs and carry on the business as a going concern whilst they try to put the business back on a sound financial footing. Other rival insurers have already been taking clients from Quinn and we now need to know whether those solicitors who have professional indemnity insurance with them will be forced to find new policies before renewal time at the end of October or not. Whilst Quinn is not writing new business in the UK it has said that it will be honouring claims on existing policies. Existing solicitor policy-holders may need to call on their policies during the next 6 years so I wait to see what provisions will be made to make sure there is enough money in the pot to cover future claims.