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