€1 billion black hole found in Quinn Insurance accounts
The true cost of Sean Quinn's foray into insurance is becoming clear, with a new review unearthing a €1 billion black hole in Quinn Insurance's balance sheet.
Ian Kehoe
The true cost of Sean Quinn's foray into insurance is becoming clear, with a new review by the actuaries of Quinn Insurance unearthing a €1 billion black hole in the company's balance sheet.
The review, by actuarial firm Milliman, found that Quinn Insurance had under-provisioned for large claims by more than €1.2 billion over a four-year period leading up to the appointment of administrators to the company.
It has also emerged that Quinn Insurance made...
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