Sean Quinn says Quinn Insurance costs 'truly shocking'
- 8 August 2012
- From the section Northern Ireland
Sean Quinn has described the estimated 1.65bn euro cost to the Irish Republic of Quinn Insurance as "truly shocking".
Mr Quinn was responding to reports of a dispute between the state and administrators over spiralling costs.
Finance minister Michael Noonan's frustration over estimate of costs almost doubling in several months was revealed in letters submitted to court.
Mr Quinn said: "They should seek further information on how they arrived at this astronomical figure."
He said claims that Quinn Insurance, which was previously part of Mr Quinn's group of businesses, was not profitable "are completely unfounded."
He added that claims that previous management had underprovided for claims were "groundless".
"The reality is that the company was outperforming all its competitors immediately prior to being unnecessarily placed into administration with the incalculable damage being inflicted thereafter," Mr Quinn said.
He said he was naive not to have challenged the provisional appointment of the administrators.
Mr Noonan had told the administrators, in a letter in June, that it was "remarkable" that losses continue to climb substantially over short periods, "following examinations by teams of actuaries and accountants".
"I am at a loss to see how such a large underestimation, and the corresponding scale of what is required from the ICF, could not have been foreseen to a greater extent before now," he wrote.
High Court president Mr Justice Nicholas Kearns referred to the letter on 7 August while hearing the reasons why the call on the state's Insurance Compensation Fund had risen from 775m euro last year to a possible 1.65bn euro.
The costs are being funded by a 2% levy on motor and home insurance policies for an indefinite period of time.