Insurance can be a notoriously fickle business. Just ask Jay Bourke. Earlier this year, Bourke, a bar and restaurant entrepreneur, told the High Court of his hopes that a cash windfall from the stock market flotation of an insurance company that he backed would allow him to pay off his debts. The company Bourke was referring to was XS Direct, which was founded by Fyffes scion Chris McCann in 2004 and specialised in selling motor insurance in the Irish and British markets. Bourke’s stake in XS Direct was valued at €190,000 but he believed it would be worth €3 million…

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