Today Quinn Insurance announced a 2009 loss of €706 million. The troubled insurer will be sold to Anglo Irish Bank and Liberty Mutual who will operate the company as a going concern, this is good news to its 1500+ employees but may not be good news for our car and home insurance premium's.
Due to the massive loss its likely that Quinn will have to make use of the Insurance Compensation Fund, to fund this, the government could place a further levy of 2% on all non life assurance policies. More will be known later on this year.
FS
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