An interesting devlopment for the Quinn Group.
http://www.rte.ie/business/2010/0330/quinn.html
It is always worth waiting for details before offering an opinion, but fools jump in so I might as well.
This was something that has been waiting to happened for some time. In fact I am amazed that the general insurance business was managing to stay above water. I flagged that rather racy investment strategy pursued by Quinn around 18 months ago on thepropertypin
http://www.thepropertypin.com/viewtopic.php?f=19&t=12955&p=121085&hilit=quinn#p121085
The company must have lost a bucket load of assets as property and equity markets fell (and we don't even know how much of the "stocks and securities" recorded on the balance sheet of Quinn were Irish companies, or more specifically one particular bank....)
This will be worth watching. Get your popcorn in now as I suspect there could be all manner of skeletons falling out of this closet.
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"More importantly, if Quinn goes tits up, if the Irish Regulator is proven to have been negligent and relaxed in addressing the problems in the past, other insurers within the state will refuse to assist in the clean-up exercise."
From the pin.
This guy has in the past had to pay 55 million to get the reserves up to standard. He never learned his lesson. He should not be given a third chance to run an insurance company.
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