Quinn family: Administrators have 'damaged' company
The Quinn family has accused the administrators appointed to Quinn Insurance of causing enormous damage to one of the country's most successful companies.
It follows reports that consumers will be hit with a levy of up to 2%, to make up a shortfall of €620m, before Quinn Insurance can be sold on.
The levy will be paid into the so-called Insurance Compensation Fund, which ensures customer claims are paid out if their insurance company is in difficulty.
The Quinn family says that before the Administrators were appointed there was never any danger that the company would need to access the fund.
Charlie Weston, Personal Finance Editor with the Irish Independent, says the family are clearly pointing the finger of blame: "They are claiming that what's happened here is that the administrators went in and changed the model.
"It was a very tight operation is essentially what they're saying. Claims were rigorously managed…some people would claim there was a reluctance to pay claims.
"The Quinn family are maintaining that the business they were running; if they were allowed normally, they would never have been a need to call in this Compensation Fund."
