Quinn’s net loss increases to €905m
Quinn Insurance has increased the net loss made in 2009 by €200m to €905m to account for the pay-out to repay the banks and bondholders of the Quinn Group as part of its restructuring, according to accounts filed for the year ended 31 December 2009.
At the end of April the joint administrators of the insurance company, Michael McAteer and Paul McCann of Grant Thornton, announced the company lost €706m in 2009, the year before they were appointed.
The loss is higher in the accounts after auditors Pricewaterhouse Coopers advised the insurer to include the €200 million charge in 2009 instead of in the current financial year.
The payment was made to the banks and bondholders owed €1.3bn by Quinn Group to release guarantees given by subsidiaries of Quinn Insurance to the lenders.
The insurer made investment losses of €181 million as a result of the write-down in its investment portfolio and in provisions against loans to related parties.
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