Irish brokers wary of Quinn business model after takeover - Insurance News Now – 5 May 2011
Post reporter Amy Ellis outlines this week's major general insurance stories including the uncertainty over the business model of the former Quinn Insurance following its takeover by Liberty Mutual and Anglo Irish Bank.
While the deal was welcomed, some Irish brokers have expressed concern over how the business structure will cope going forward.
In other news, QBE Europe's property, casualty and motor division has set its sights on becoming a $5bn business by the end of 2015. PCM chief underwriting officer, Ash Bathia, said the business is growing from its current premium level of two point seven billion dollars, while still hitting the group target on profit; the coalition government has been urged to make a decision on the employers' liability insurance Bureau after maintaining a year-long silence on the issue; Towergate Insurance Group has not ruled out an acquisition outside the UK before the recently refinanced consolidator achieves its long-term goal of flotation; and specialist underwriting agency Rural insurance is aiming to double its gross written premium and win a five per cent share of the agricultural insurance market within three years.
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