29/04/2011

Quinn 'Jobs Safe' As Company Name Dropped

Co Fermanagh and Co Cavan-based Quinn Insurance is soon to be no more after it was confirmed yesterday that Liberty Mutual Direct Insurance Company Ltd, a joint venture between US giant Liberty Mutual and new entity JVNewco, will take over of assets and liabilities with a €200m (£177m) investment.

The Quinn Insurance brand name will now disappear from the high street after 15 years trading.

However, the joint administrators have given assurances that all jobs both north and south of the Irish border will be safe.

In administration since March of 2010, professional indemnity insurance provider Quinn Insurance employs more than 1,500 staff in Cavan, and Fermanagh as well in Dublin.

The company's administrators stated that the firm had lost more than €700m (£629m) in 2009, one year before their appointment and now, in order to capitalise the new firm (to be known as Liberty Mutual Direct Insurance), Anglo will inject €98m (£87m) while Liberty will put in €102m (£91 million).
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The purchase of Quinn by Anglo Irish and Liberty came after a comprehensive bidding process, added the administrators with an assurance that all the jobs in both Northern Ireland and the Republic of Ireland will be preserved.

The administrator added that the takeover would ensure the maintenance of the competitiveness of the Irish insurance marketplace as well as continue to provide service delivery and value for money for customers.

"Liberty Mutual has pledged to take the business forward by maintaining it and preserving the jobs of the firm's more than 1,500 staff," said a spokesman.

However, protesters at the headquarters of the Quinn Group in Co Fermanagh said they will continue to take action "until good sense prevails" after their self-styled Cavan, Fermanagh and Leitrim Community Action Group and up to 600 supporters descended on the Derrylin complex for a second time yesterday to demand the reinstatement of founding tycoon, local man, Sean Quinn after his family company was taken over by Anglo Irish Bank and administrators KPMG.

(BMcC/GK)

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