15/04/2011

Quinn Barred From Own Insurance Firm

A leading Irish entrepreneur is to loose control of the insurance business he personally founded after it ran into financial problems.

Sean Quinn and his family will no longer have any role in the management of the Quinn Group following a restructure.

Anglo Irish Bank said that the previously beleaguered insurance firm is to be run by Kieran Wallace of KPMG - who will take control of the Quinn family's shares.

Mr Quinn, once Ireland's richest man, build up a multi-million pound empire of companies - based on his initial success in Quinn's quarrying business.

Located in Derrylin, on the border in Co Fermanagh, the group has since ventured into cement and concrete products and general insurance, among other expansions.

The Chairman, Sean Quinn in 1973, who saw it develop from a quarrying operation into a large organisation, employing several thousands of people, formed it.

In a separate announcement, Liberty Mutual and Anglo Irish Bank were confirmed as the preferred bidder for the company.

The problems began in March 2010, following an application by the Central Bank of Ireland, when the Irish High Court appointed joint provisional administrators to Quinn Insurance Limited.

Now, all 1,570 jobs in the Irish Republic and in Northern Ireland will transfer to the joint venture and Cavan - just across the border - will be the head office of the business.
News Image
Also, as part of the plan, the Navan office is to close and the 100 staff will relocate to either Blanchardstown or Cavan while 30 staff employed in Manchester are to be offered redundancy.

The former Stormont Economy Minister, Arlene Foster, who comes from Co Fermanagh, has welcomed the announcement that all the jobs in both Quinn Insurance and the wider Quinn group are safe.

"The Quinn group is a very larger employer in Fermanagh and the future of the company is vitally important to the economy of the entire region," the outgoing DUP Minister said.

"I welcome the announcement by the joint administrators that all the jobs in Quinn Insurance in Enniskillen will be secured as a result of the Liberty Mutual led proposal in conjunction with Anglo Irish Bank.

"Liberty Mutual already employ approximately 300 people in Northern Ireland," she continued.

"I have confidence that Liberty Mutual will not only maintain the existing jobs currently employed in Quinn Insurance but can grow the number of employees it has.

"There is no doubt that the Quinn group has been built up to the scale that it is today by the Quinn family.

"I only hope that the administrator of the Quinn Group can protect all of the jobs in the wider Quinn group over the longer term.

"I will work with the administrator to protect the Quinn Group jobs in Fermanagh and throughout Northern Ireland," she pledged, in advance of the coming elections to the Assembly.

(BMcC/GK)

Related Northern Ireland News Stories
Click here for the latest headlines.

13 February 2019
Political Deadlock To Blame For A5 Development Setback- SDLP
An SDLP MLA has blamed the political impasse at Stormont for the Irish Government's decision to redirect €27 million that had been earmarked for a huge cross-border road project. Ministers in the Republic had allocated the money to the long-awaited upgrade of the A5 road which connects Dublin and L'derry, in a project jointly funded by Stormont.
06 May 2010
Quinn Steps Back As Stormont Steps In
Just hours after news that Sean Quinn is to stand down from the board of the troubled Quinn Group, a Stormont nominee is to step in to co-ordinate the NI Government's response to the situation at Quinn Insurance.
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.
01 November 2012
Quinns Due Back In Court
Sean Quinn and his son are due back in a Dublin court later as the inquiry continues as to whether or not the former billionaires have complied with court orders. Sean Quinn was once the richest man in Ireland, but declared himself bankrupt last year.
26 March 2003
£8m investment set to create 350 jobs
Up to 350 jobs could be created in the south west following the decision of Quinn-direct Insurance to invest almost £8 million in a new centre in Enniskillen. The centre will carry out a comprehensive range of activities relating to the company’s suite of insurance products and is expected to be online by 2006.