Quinn Insurance to Be Sold

US insurance giant Liberty Mutual  in a joint partnership with Anglo Irish Bank – is the  preferred bidder for the Quinn Insurance group

Quinn employees in Ireland can retain their jobs if the Anglo-Liberty Mutual bid gets the go-ahead from the relevant authorities, the court also heard.
Based in  Boston –  Liberty Mutual is the  fifth largest property and casualty insurer in the US and has about  45,000 employees worldwide. If the sale goes ahead – Liberty Mutual  will be wholly responsible for the operation of Quinn’s insurance business.

Anglo Irish Bank will be the majority partner but will have  no involvement  in the day-to-day operation of the new company but would act  in a loan recovery capacity.

It is expected that  there will be no job losses at Quinn Insurance  in either the Republic or Northern Ireland as a result of the sale.  All 1,570 employees in Quinn Insurance Ltd are expected  to transfer to the new commercial entity.

Quinn Insurance’s offices in Navan and Manchester will close with the 100 staff in the Co Meath office to transfer to either Cavan or Blanchardstown and 30 staff in Manchester to be offered redundancy.

The sale will take a few  weeks  and Quinn Insurance will trade as normal in the meantime