Jobs safe, say commercial insurance provider administrators

The joint administrators of one commercial insurance provider in Ireland have recently given assurances that all jobs both north and south of the border will be safe.

Business insurance specialist Quinn Insurance is currently under plans to be purchased by a new company backed by Anglo Irish Bank and US insurance provider Liberty Mutual, it was recently confirmed.   Moreover Liberty Mutual is expected to take full control of the firm in the fullness of time.

In administration since March of 2010, professional indemnity insurance provider Quinn Insurance employs more than 1,500 staff in Dublin, Cavan, and Fermanagh.  The company’s administrators stated that the firm had lost more than 700 million euros (£629 million) in 2009, one year before their appointment.

In order to capitalise the new firm (to be known as Liberty Mutual Direct Insurance), Anglo will inject 98 million euros (£87 million) while Liberty will put in 102 million euros (£91 million).  Administrators Michael McAteer and Paul McCann stated in a recent press conference that the recapitalisation scheme will be the best possible outcome for the economy of Ireland.  The purchase of Quinn by Anglo Irish and Liberty came after a comprehensive bidding process, added the administrators.

Mr McCann specifically stated that the most important factor was 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.

Mr McCann stated that for Quinn’s customers, it was ‘very much business as usual.’  The administrator added that he and his colleague have found the process both very thorough and very long but wanted to express their delight that Liberty Mutual had pledged to take the business forward by maintaining it and preserving the jobs of the firm’s more than 1,500 staff.

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