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.


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

10 September 2021
Limelight To Host Weekend Vaccination Clinic
One of Belfast's best known music venues is set to host a special weekend walk-in vaccination clinic, offering first doses to anyone aged 16 and over. The Limelight on Ormeau Avenue will host the clinics between 10am and 3pm on Saturday 11 and from 12 midday to 6pm on Sunday 12 September.
07 September 2021
The Electric Storage Company Announces New Jobs
The Electric Storage Company in west Belfast is expanding its team with 10 jobs in a £780,000 investment to help it meet the growing demand for renewable energy across Northern Ireland, Republic of Ireland and Great Britain.
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.
04 August 2021
Funding Announced For Irish Language Summer Schools And Schemes
The Communities Minister, Deirdre Hargey, has announced that Líofa bursary funding of more than £30,000 is to be redirected into several local Irish language organisations to help increase capacity in summer schools and summer schemes.