Quinn Insurance

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
Interesting interview with the 50p man.

He said that the Government were wrong and that Quinn Insurance are "making" €1 MILLION PER DAY.

Well if they are people should move their business immediately as they are being overcharged :) :)
 


CookieMonster

Well-known member
Joined
Feb 19, 2005
Messages
33,861
assuming that is correct, how does making profit = overcharging?
 

Cael

Well-known member
Joined
Jun 19, 2006
Messages
13,304
Well, given that Sean Quinn was 25% owner of Anglo Irish bank during the period of its worst criminal activities, I think many people will want to know why that million a day is not going to pay off Anglos debts. Many will also ask why a 25% owner of a criminal conspiracy is not in a cell facing police questioning.
 

Nipper

Well-known member
Joined
May 19, 2009
Messages
2,526
His take on the regulator is the perfect illumination on corporate culture in Ireland

he admits that they breached the regulation but what harm?
 

Dreaded_Estate

Well-known member
Joined
Sep 5, 2007
Messages
3,716
Quinn is not one bit happy about the actions of the new regulator.

The bottom line is if an insurance company is below the minimum solvency margin then they are insolvent. Assets above liabilities isn't sufficient.

p.s. I would be surprised if Quinn Insurance was making €1m per day on assets of €2bn.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
Profit good. Profit of €1 million a day bad. Redistributing ordinary peoples money to private family at that rate bad. They aren`t the quickest either in paying out claims. Didn`t the accuse some person of jumping from a balcony in Ballymun when no such thing happened.

€1 million a day to cover his Anglo losses maybe.

Move your business creates competition in the sector. Good for consumers.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
BTW how could 5,500 jobs be at risk. The administrator operates the business as a going concern. The administrator can sell the business to a 3rd party. Who gets the sales price. The shareholders.

Interesting to hear that not one minister returned his calls :)
 

Cael

Well-known member
Joined
Jun 19, 2006
Messages
13,304
Profit good. Profit of €1 million a day bad. Redistributing ordinary peoples money to private family at that rate bad. They aren`t the quickest either in paying out claims. Didn`t the accuse some person of jumping from a balcony in Ballymun when no such thing happened.

€1 million a day to cover his Anglo losses maybe.

Move your business creates competition in the sector. Good for consumers.
Insurance should be a state run activity. Allowing thieving spivs like Sean Quinn to get their filthy paws on it is just insanity.
 

charley

Well-known member
Joined
Apr 3, 2009
Messages
1,247
Insurance should be a state run activity. Allowing thieving spivs like Sean Quinn to get their filthy paws on it is just insanity.
the state would do fine in collecting the premiums ,but claim processing could leave a lot to be desired.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
Wasn`t it Quinners secret CFD position that helped bring Anglo down :)

Then Anglo got its cronies together, gave them free money to buy the share overhang.

Maybe for the regulator this is PAYBACK.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
Wasn`t it Quinners secret CFD position that helped bring Anglo down :)

Then Anglo got its cronies together, gave them free money to buy the share overhang.

Maybe for the regulator this is PAYBACK
 

Cael

Well-known member
Joined
Jun 19, 2006
Messages
13,304
the state would do fine in collecting the premiums ,but claim processing could leave a lot to be desired.
I'd prefer if insurance was in democratic hands anyway. I have no reason to believe that a state company would be worse than a spiv like Quinn, and I have every reason to believe it would be better.
 

deiseguy

Well-known member
Joined
May 11, 2009
Messages
1,342
What happened to Quinn on Tues is just a put up job because he won't play nice with the people who think they matter. He contacted anglo and told them he was unloading his position in their shares because he saw the whole house of cards coming down and in doing so forced their hand. The financial services industry has been waiting for their opportunity since. Amazing how the first half of bailout Tuesday was taken over by the Quinn story. I don't hold any candle for Quinn but at the same time the timing was a little convenient. Frankly I don't believe the Quinn organisation was in the worst financial shape of all the players in that business.
 

old westie

Well-known member
Joined
Nov 12, 2008
Messages
314
Quinn would say anything to save face im inclined to belive and agree with the regulator.Quinn's problem is that he still thinks its patrick neery who's regulator.
Quinn took control of BUPA and has spent every day since loading hidden charges on its clients.
 

dalywise

Well-known member
Joined
Feb 23, 2008
Messages
811
Matthew Elderfield is not to be trifled with. Thank God we're finally bringing in "outsiders" untainted by our peculiar form of Irish croneyism to run things for us. Just about the only brght spot in a depressing week.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
We should try and ensure that the regulators dont come into contact with any Government Ministers anytime soon. Their incompetency might rub off on the regulators.
 

pjoz

Well-known member
Joined
Aug 25, 2009
Messages
468
Lets keep this simple: if Quinn insurance was clearing a million a day = no solvency issue.

Noted here a few weeks ago in relation to FG health plans that Id be very worried about further exposure to Quinn Group. Absolutely no surprise that they are in difficulties when one looks objectively at the situation. For such a large organisation not to bother with a credit rating is slightly unusual, has always suggested to me that it wouldnt be to flattering
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
Quinn Group lost €2 billion on Anglo punt.

If he had closed the position in Anglo at 25% would Anglo have been bailed out ?

What would his losses have been now ?

Does he have any other positions in quoted Irish companies ?
 

Cassandra Syndrome

Well-known member
Joined
Aug 23, 2009
Messages
16,885
I was wondering did Sean Whelan understand the questions he was asking him? It was like being interviewed by businessdefinitions.com

As for Quinn and the regulator and the government, its all part of the Neofeudalist's soap opera. They do enjoy their scripted dramas.
 


New Threads

Popular Threads

Most Replies

Top