Company Snapshot: Quinn Group (NI) Ltd
Little financial cheer for Quinn Group
The whole Quinn Group, headquartered in Cavan, is now under the management of Anglo Irish after KPMG was appointed receiver in April. Quinn Insurance went into administration in April last year.
As a result of the new financial circumstances the accounts for the different parts of the group have been registered nearly six months later than normal. 2009 is the last full year when it was owned and controlled by Sean Quinn and the former directors.
Through a Northern Ireland registered company, Sean Quinn and his family owned a large number of businesses in several countries.
Many of these separate business results are consolidated into this holding company, itself a wholly owned subsidiary of Quinn Group (RoI). The future of the group has focused on two main sectors. Administrators have identified a preferred bid to take over the business of Quinn Insurance Ltd. This will be separated to trade under administration as a separate company.
The emerging picture of heavy loss making in Quinn Insurance is evidenced in the accounts for 2009. The insurance business is classified as a 'discontinued activity' where premiums fell by €351m to €964m and claims incurred rose by €578m to €1,383m. The operating loss, after loan provisions and impairment charges, was €644m, compared to an operating profit of €266m a year earlier. This accounts for the largest part of the deterioration in the value of shareholders' funds in the group (NI) of €946m.
The non-insurance businesses, traded with a smaller operating profit than in 2008 but this operating profit became a loss of €244m when adjusted for loan provisions and impairment charges of €274m.
Bank borrowing and outstanding loan notes peaked at €1,362m in 2007 but still amounted to €1,350m at the end of 2009.