Quinn Insurance in Administration

Started by An Gaeilgoir, March 30, 2010, 12:15:49 PM

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supersarsfields

I don't think so OM. There is chat that they expect the 800 between Cavan, Enniskillen, Navan and Manchester. So sad news alright for alot of people.

sammymaguire

how are the Laing O'Rourke negotiations going?
DRIVE THAT BALL ON!!

supersarsfields

Althought the Laing O Rourke thing is in relation to Quinn Group and not insurance i don't think there is much in it as far as I've heard. I know they were interested in the Cement and I'd be surprised if SQ let that go. But again you just never know these days.

Declan

Representatives of Quinn Insurance employees have told an Oireachtas Committee it is 'completely outrageous' that workers learned of possible redundancies at the company through the media.

The joint administrators of Quinn Insurance have drawn up plans to make around 800 staff redundant as part of a downsizing of the company.

Workers' representatives this morning told the Oireachtas Joint Committee on Enterprise, Trade and Employment that they have a solution to the difficulties faced by Quinn Insurance.
They want the company to be allowed to resume all of its UK market activities, which they say is the only way of preventing a disastrous impact on the Irish economy.

The five members of the workers' action group told the committee that Quinn Insurance is losing 2,000 of its UK customers a day.

They added that the company is eager to restart all its UK business and is well equipped to do so.

The administrators of Quinn Insurance will brief staff on their plans tomorrow afternoon.

However, workers' representatives say they want the matter clarified today, adding that employees should not have to sit through another night to learn their fates.

Workers' representative Mona Bermingham said staff were extremely fearful for their futures.

She said: 'This is the first we've heard of it - we had been given no indication of numbers or locations.

'It is an utter disgrace and shows utter disrespect to employees that they should learn their fate through the media.

'There's a lot of worry, disillusionment, dejection - it's going to have a massive impact. This is not something we'll be accepting easily.'

The Committee is to ask the Financial Regulator to allow Quinn Insurance access to profitable sections of its business in Northern Ireland the UK.


800 staff represents about one third of the total number of people employed by the company.

Paul McCann and Michael McAteer of Grant Thornton have drawn up plans that involve redundancies ranging from 550 to more than 900. It is understood they will seek redundancies at the upper end of that range.

The restructuring relates primarily to Quinn Insurance's businesses in the UK, many of which have been unprofitable.

The insurer is currently being allowed to only partially re-enter the insurance market there.

However, most of the job losses will be in the Republic.

Much of the UK business is handled by staff at Quinn's offices in Dublin, Cavan and Navan. The centres at Enniskillen and Manchester will also be seriously affected.

The redundancies will be voluntary and will take place over a period of time.

While the details of the package to be offered to employees have not been revealed, it is understood workers will be offered more than the statutory redundancy.

supersarsfields

Just getting news now that the UK private car market will be reopening. Great news if true whether or not it'll helps keep jobs is another matter.

unitedireland

About time! i know the regulator is just trying to do his job but a english man should not be deciding the future of irish families up and down the country

supersarsfields

Unfortunately things aren't good. They are saying that they've opened up the uk market. But what they aren't saying is that they've forced premiums up that much that there's no hope of selling any in the UK. So I'd imagine all jobs cuts will have to go ahead as I can't see them building up any sort of market share now.

screenexile

It was always going to happen and anyone who thought otherwise was deluding themselves. I feel sorry for the people who will lose their jobs effectively they did nothing wrong and it is the people at the top who will invariably be looked after when the whole thing settles.

Chances of Quinn rebuilding their market share dwindled further each day they were in administration and in the insurance game if your name is sullied at all there are enough competitors out there who will feed off it and put you down. It's been a full month now and I think Quinn will not be able to come back from this. Very disappointing!!

scud

Quote from: unitedireland on April 29, 2010, 10:10:19 PM
About time! i know the regulator is just trying to do his job but a english man should not be deciding the future of irish families up and down the country

::)

haranguerer

What has changed between the administrator coming in and stopping UK trade, and it being permitted again yesterday?

The regulator obviously spotted a problem, or he wouldnt have come in, but its the methods which seem to me to have exacerbated the problem. Surely there would have been better, quieter ways to acheive whatever has been achieved in the last month?!

A Quinn Martin Production

Quote from: unitedireland on April 29, 2010, 10:10:19 PM
About time! i know the regulator is just trying to do his job but a english man should not be deciding the future of irish families up and down the country

Good argument to help the Quinn workers ::)
Antrim - One Of A Dying Breed of Genuine Dual Counties

orangeman

Quote from: supersarsfields on April 29, 2010, 10:30:32 PM
Unfortunately things aren't good. They are saying that they've opened up the uk market. But what they aren't saying is that they've forced premiums up that much that there's no hope of selling any in the UK. So I'd imagine all jobs cuts will have to go ahead as I can't see them building up any sort of market share now.



What sort of % increases have been imposed ?.

supersarsfields

I don't want to get into it too much on here OM but big enough to make it unrealistic that they'll build up any sort of market share again. And this is in a sector that they have admitted was profitable before all this. Just makes no sense to me.

orangeman

Quote from: supersarsfields on April 30, 2010, 11:11:14 AM
I don't want to get into it too much on here OM but big enough to make it unrealistic that they'll build up any sort of market share again. And this is in a sector that they have admitted was profitable before all this. Just makes no sense to me.
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It doesn't make a lot of sense to a lot of people.  >:(

Orior

I got a letter last week saying that they could not renew my car tax. Would yesterdays news have changed that?

Emmm, maybe I should just phone them.
Cover me in chocolate and feed me to the lesbians