Liberty Mutual has been named the preferred bidder for Quinn Insurance Limited with good news for Irish staff as they are told no job losses are imminent.
The administrators for Quinn announced this morning that the proposal of the preferred bidder is that a new insurance company will be established.
As a result of a share receiver being appointed over the Quinn family shares, the company’s founder Sean Quinn will no longer have a role – ownership nor management – in the firm. No member of his family will be involved in the running of the insurer either.
The bidder, Liberty Mutual, will be the majority owner, while Anglo Irish Bank will retain a minority shareholding.
Liberty Mutual, which is the 5th largest insurer in the US, will provide the management and expertise to the new company and Anglo will have no day-to-day dealings in the management of the business.
The Central Bank said today the announcement does not affect policyholders at Quinn. Customers can continue to renew policies, take out new business and make claims in the normal way, the Central Bank said in a statement.
The proposal by Liberty Mutual is subject to formal regulatory approval but regulators at the Central Bank said the joint administrators, Michael McAteer and Paul McCann, have been keeping them informed throughout the whole sale process.
There will be no Irish job losses as a result of the sale and all 1,570 current Quinn staff will transfer to the Liberty-led joint venture.
Offices in Cavan, Enniskillen and Blanchardstown will remain operational. However, 30 staff in Manchester will be offered redundancy. Workers in Navan may be transferred to either Blanchardstown or Cavan.