This fairly solid Irish Independent piece is fairly upbeat on the future of Quinn Insurance, the high-profile Irish insurance failure.
Now maybe you don’t care so much about Quinn, but it is high profile in Ireland, and it’s high profile to me, mainly because it’s the source of actuarial merriment. Here, for example, are some assets that the Financial Regulator thinks will be sold:
- A hotel in the Czech Republic.
- A windfarm.
- A landfill.
Well, that’s putting the old premium dollars to work. A typical p/c insurer might invest in something a bit more liquid, perhaps, so it can pay off if there’s a run of claims.
The Independent is optimistic because the Irish business seems to have been profitable; it was an expansion into UK at insufficient rates that was driving losses. (Basically, the company was burning its way into the market.) With that problem fixed, the company’s outlook is good, the newspaper concludes.