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).
News Image
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)

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

03 December 2020
L'Derry-Based Tobermore Creates 95 News Jobs
L'Derry-based Tobermore has announced the creation of 95 new jobs following the completion of a new state-of-the-art Production Facility. The £10million factory is now live and operational as the company ramps up production in response to a surge in market demand for their hard landscaping products.
24 November 2020
NI Businesses Urged To 'Maximise The Value Of Their Waste'
Businesses in Northern Ireland are being encouraged to recycle more and to 'maximise the value of their waste' by Environment Minister Edwin Poots. Mr Poots made the during a visit to McKinstry Skip Hire Limited in Crumlin.
23 November 2020
Fermanagh Bakery To Create Almost 90 New Jobs
Fermanagh-based bakery, Crust and Crumb, has announced a major investment of £5.8 million and the creation of almost 90 jobs. Crust and Crumb is a leading manufacturer of chilled, frozen and gluten free dough-based products to supermarkets and foodservice customers in Northern Ireland, RoI and GB.
15 April 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.
13 June 2014
US Firm Buys NI's Largest Independent Insurance Broker
Northern Ireland's largest independent insurance broker has been bought by US firm Liberty Mutual. Newtownards-based Hughes Insurance has been acquired by the US company, who already owns the former Quinn Direct insurance business. Hughes was formed in 1977 and employs over 300 people.