Locals in the border counties of Ireland say the huge cost of the Quinn Insurance administration and the downfall of the business since it was taken from the Quinn family are the real scandal at the centre of the Quinn story.
When the Quinn Insurance company went into administration more than a year ago it appeared to have excess assets of around €300m. Now, though, it has a €600m blackhole that will be paid for by a levy on insurance policies. Premiums have fallen to less than €700m this year from more than €1bn previously.
Michael McAteer, of administrators Grant Thornton said "We didn't run it into the ground, but no company ever runs well in administration,
"Having the words 'under administration' under your name when you're selling insurance is not very sales and marketing friendly."
Mr McAteer went on to say that the €600m black hole was the result of inadequate cash set aside for insurance policies written before the company went into administration - a problem that wasn't apparent until actuaries went through the books.
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