Friday May 29, 2020

Auditors, administrators, accountants, and a €1bn case

The London office of Mazars claims that Quinn Insurance was under-provisioned by €600 million

9th May, 2015
6
The PwC offices at Spencer Dock, Dublin

A new investigation into Quinn Insurance’s finances has revealed that the bust insurer should have set aside an additional €600 million to cover future claims over a four-year period between 2005 and 2008.

The London office of Mazars examined the provisioning policy of Quinn Insurance prior to its collapse into administration in 2010. Based on the Mazars analysis, Quinn Insurance had under-provisioned by over €600 million during that four-year period alone.

The new analysis emerged last...

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