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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30 March 2010
Quinn Insurance Taken Into Receivership
There is widespread shock and concern at news that Co Fermanagh's Quinn Insurance Group has been put into administration by the High Court in Dublin.
23 April 2010
Quinn Staff Criticise Regulator Restrictions
Workers at the beleaguered Quinn Insurance in Co Fermanagh and Co Cavan have said some 1,000 jobs are now at risk after the financial regulator's decision to deny the company the ability to fully re-enter the UK market. Administrators in charge of the business warned employees yesterday some of the 2,400-strong workforce were likely to be let go.
07 April 2010
Quinn Group Staff To Meet
Workers from the Quinn Insurance Group will find out later about plans for the failed company's future. A briefing set for this afternoon comes after a meeting on Tuesday between politicians from both sides of the border, the financial regulator, and the administrator over concerns expressed by workers.