29/04/2010

Black Friday Looms For Quinn Insurance

The axe is looming for hundreds of staff at a border insurance business.

Workers at all the beleaguered Quinn call centres will be briefed on the plans tomorrow afternoon, after which the administrators will enter into a period of consultation with staff.

The restructuring relates primarily to Quinn Insurance Ltd's businesses in the UK, many of which have been unprofitable where the insurer is currently being allowed to only partially re-enter the insurance market there.

However, while most of the job losses will be in the Irish Republic, the centres at Enniskillen and in Manchester will also be seriously affected, even though much of the UK business is handled by staff at Quinn's offices in Dublin, Cavan and Navan.
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The redundancies will be voluntary and will take place over a period of time.

While the details of the package to be offered to employees have not been revealed, it is understood workers will be offered more than the statutory redundancy.

Today it emerged that the administrators have drawn up plans to make about 800 staff redundant.

RTE is reporting their plans to downsize, and will reduce numbers makes to about a third of the staff employed by the company.

Currently, about 600 people are employed by Quinn Insurance in County Fermanagh.

In April, it was placed into administration after the Irish financial regulator said he believed its assets had been overstated by about €450m.

The company was ordered not to write any new UK business. Those restrictions were later partially eased.

(BMcC/GK)

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