Liberty chairman says that jobs are safe

Editorial Department • Published 5 May 2011 13:00 0 Comments

The joint administrators of Quinn Insurance have said all jobs will be retained.

Quinn Insurance is being sold to a new company backed by United States insurer Liberty Mutual and Anglo Irish Bank, it has been confirmed.

Meanwhile Liberty Mutual Group's Chairman Ted Kelly met with Quinn Insurance employees in Enniskillen this week where he too confirmed there would be no job cuts.

He said Liberty Mutual will acquire 51 per cent of Quinn Insurance Irish operations and will invest over 100 million euro in the new company.

It is expected that Liberty Mutual will eventually take full control of the business. Quinn Insurance has been in administration since March 2010.

The firm employs 1,570 staff in Fermanagh, Cavan and Dublin.

The administrators said the company lost over 700 million euro (£629 million) in 2009 - the year before they were appointed.

Liberty will inject 102 million euro (£91 million) and Anglo will put in 98 million euro (£87 million) to recapitalise the new company, which will be known as Liberty Mutual Direct Insurance.

At a press conference last Thursday, administrator Paul McCann said both he, and his colleague, Michael McAteer believed the "deal represents the best outcome for the Irish economy" and followed a "comprehensive bidding process".

He said: "Importantly all the jobs are preserved in the Republic of Ireland and Northern Ireland."

Mr. McCann said the takeover would maintain competition in the Irish insurance market place and ensure the continuation of value for money and service delivery for customers.

"It is very much business as usual for our customers," he said.

"Myself and Mick would just like to say it's been a long process, a very thorough process but we're delighted that Liberty Mutual is taking the business forward, preserving the business, preserving the jobs and maintaining the business going forward," he added.

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This article appeared in Impartial Reporter 05 May 11

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