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09/04/2010
Garda May Be Called As Quinn Group 'Short'
Some 1,430 employees out of a 2,800-strong workforce at Quinn Insurance are in fear of their future this week.
The staff are employed in the Northern Ireland and GB-based insurance business at Quinn's offices in Dublin, Cavan, Enniskillen and Manchester.
Now, the Quinn Insurance saga has taken another twist with a possibility the case may be referred to the Irish police, An Garda Siochana.
There have been allegations that the company is some €100 million 'short' to cover its insurance policies.
The Financial Regulator may refer alleged breaches of insurance regulations and company law unearthed in its investigation to the Office of the Director of Corporate Enforcement and the Garda.
Regulatory staff have collected information detailing the failure of Quinn Insurance to meet the threshold for the amount of money an insurer must hold in reserve to cover potential claims.
Lawyers at the regulator will be consulted early next week to determine whether fresh evidence is needed to proceed with a formal complaint or to refer matters to other State bodies for further investigation or potential action.
However, owner Sean Quinn, who was listed in the Sunday Times Rich List in 2008, has claimed the company has "plenty of money".
Mr Quinn made the claim in reaction to a proposal by Anglo Irish Bank to invest €700m in the company, which would see the bank become majority stockholder in the company.
Under the plan, €150m would be injected into Quinn Insurance and €550m would be used to pay off bondholders.
Speaking on RTÉ's Prime Time programme, Mr Quinn said: "The Quinn Group has plenty of money. We don't need money, with regard to solvency and a requirement to pay claims."
He added the group was "cash rich" and had money in the bank.
According to Mr Quinn, the company had assets of up to £1bn to pay claims and another €400m surplus to cover solvency.
The Financial Regulator has been onsite in the firm since last week, overseeing its actions and working with the new management.
Since stepping in at the end of March after the High Court appointed joint provisional administrators to the firm, the regulator has caused serious concern among the 600 workers at the company who service the UK from the Enniskillen base.
The regulator said it had directed Quinn Insurance to cease writing new business in the UK to prevent the company suffering further financial losses from its "currently unprofitable UK business".
(DW/BMCC)
The staff are employed in the Northern Ireland and GB-based insurance business at Quinn's offices in Dublin, Cavan, Enniskillen and Manchester.
Now, the Quinn Insurance saga has taken another twist with a possibility the case may be referred to the Irish police, An Garda Siochana.
There have been allegations that the company is some €100 million 'short' to cover its insurance policies.
The Financial Regulator may refer alleged breaches of insurance regulations and company law unearthed in its investigation to the Office of the Director of Corporate Enforcement and the Garda.
Regulatory staff have collected information detailing the failure of Quinn Insurance to meet the threshold for the amount of money an insurer must hold in reserve to cover potential claims.
Lawyers at the regulator will be consulted early next week to determine whether fresh evidence is needed to proceed with a formal complaint or to refer matters to other State bodies for further investigation or potential action.
However, owner Sean Quinn, who was listed in the Sunday Times Rich List in 2008, has claimed the company has "plenty of money".
Mr Quinn made the claim in reaction to a proposal by Anglo Irish Bank to invest €700m in the company, which would see the bank become majority stockholder in the company.
Under the plan, €150m would be injected into Quinn Insurance and €550m would be used to pay off bondholders.
Speaking on RTÉ's Prime Time programme, Mr Quinn said: "The Quinn Group has plenty of money. We don't need money, with regard to solvency and a requirement to pay claims."
He added the group was "cash rich" and had money in the bank.
According to Mr Quinn, the company had assets of up to £1bn to pay claims and another €400m surplus to cover solvency.
The Financial Regulator has been onsite in the firm since last week, overseeing its actions and working with the new management.
Since stepping in at the end of March after the High Court appointed joint provisional administrators to the firm, the regulator has caused serious concern among the 600 workers at the company who service the UK from the Enniskillen base.
The regulator said it had directed Quinn Insurance to cease writing new business in the UK to prevent the company suffering further financial losses from its "currently unprofitable UK business".
(DW/BMCC)
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01 April 2010
Job Fears As Quinn Enters Receivership
There was widespread shock and concern about job prospects this week at news that the Quinn Insurance Group has been put into administration by the High Court in Dublin.
Job Fears As Quinn Enters Receivership
There was widespread shock and concern about job prospects this week at news that the Quinn Insurance Group has been put into administration by the High Court in Dublin.
15 April 2011
Jobs Saved As Quinn Barred From Own 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.
Jobs Saved As Quinn Barred From Own 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.
26 June 2015
FF Expresses 'Serious Disappointment' Over Liberty Job Losses
Fianna Fáil TD for Cavan-Monaghan, Brendan Smith, has expressed his serious disappointment following the announcement by Liberty Insurance that it's planning to cut 270 jobs at its offices in Cavan, Enniskillen and Dublin. The jobs will be phased out over the next 18 months as the company seeks voluntary redundancies.
FF Expresses 'Serious Disappointment' Over Liberty Job Losses
Fianna Fáil TD for Cavan-Monaghan, Brendan Smith, has expressed his serious disappointment following the announcement by Liberty Insurance that it's planning to cut 270 jobs at its offices in Cavan, Enniskillen and Dublin. The jobs will be phased out over the next 18 months as the company seeks voluntary redundancies.
08 July 2014
Former Quinn Group Jobs May Be Retained
Sinn Féin MP Michelle Gildernew has welcomed moves that could see jobs from the former Quinn group of companies retained in the local area.
Former Quinn Group Jobs May Be Retained
Sinn Féin MP Michelle Gildernew has welcomed moves that could see jobs from the former Quinn group of companies retained in the local area.
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