Quinn Insurance in Administration

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

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supersarsfields

I think things are going to go from bad to worse shortly.  :(

haranguerer

Quote from: Orior on April 30, 2010, 12:15:07 PM
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.

f**k me, they're going under and you're trying to wrangle favours from them... :P

Orior

Quote from: haranguerer on April 30, 2010, 01:18:39 PM
Quote from: Orior on April 30, 2010, 12:15:07 PM
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.

f**k me, they're going under and you're trying to wrangle favours from them... :P

Gulp! Yeah, I meant car insurance
Cover me in chocolate and feed me to the lesbians

orangeman

MASSIVE NEWS


Quinn decides to sell insurance business
  Friday, 30 April 2010 15:18
The Quinn Group says it has 'reluctantly' decided that it should sell its Quinn Insurance business.

The statement came as Quinn Insurance workers awaited news this afternoon of how many jobs are to go in the firm's offices around Ireland, the North and Britain.

There is speculation that up to 1,000 staff could lose their jobs over the coming months.

AdvertisementA Quinn Group statement said that it was 'greatly saddened' by the redundancies which are expected to be announced by the insurance company's joint administrators.

Quinn Group said that, in view of the funds needed to meet the requirements laid down by the Financial Regulator, the future of Quinn Insurance was probably best protected under new ownership.

'Accordingly we will be working closely with the joint administrators to see if this objective can be achieved in as short a time as possible with the hope that this will protect the maximum number of jobs,' the statement said.


Workers at Quinn Insurance will find out later today how many jobs are to go in the company's offices around Ireland and the UK.

The workers will be briefed at 3.30pm this afternoon. A press conference will be held near the company's head office in Cavan an hour later.

Administrator staff will begin briefing workers in all the Quinn Insurance offices in Cavan, Blanchardstown, Navan, Dublin city, Enniskillen, Derrylin, Manchester and London.

There are around 2,400 people working in Quinn Insurance. 1,400 of them are involved in the selling and servicing of policies in Northern Ireland and Britain.

By this evening, up to 1,000 workers may be facing voluntary redundancy.

While job losses were inevitable for sometime in Quinn Insurance, the workers want the Financial Regulator, Matthew Elderfield, to lift more of the ban on the company doing business in the crucial UK markets in order to help secure more jobs.

In a statement Kevin Lunny, operations director of the Quinn Group, said the company's insurance business had outperformed the market every year since 2005 in terms of profitability.

He said: 'We expected to be at least in line, if not ahead of, competitors for 2009.'

'The insurance business is expected to make a loss for 2009 in the UK market in line with competitors,' he added.

The Regulator has argued that unprofitability in the UK business has been one of the reasons why Quinn Insurance has been restricted from doing business in that market.

Speaking on RTÉ's Morning Ireland, local TD and Minister for Agriculture Brendan Smyth said he understood the worry and concerns of employees.

However, Mr Smyth said the Government had nothing to do with the decision.

Taoiseach Brian Cowen has said the thoughts of everyone are with the Quinn workers at this time.

He went on to say that Quinn Insurance has a viable future.

Fine Gael's Enterprise Spokesman Leo Varadkar said he was hopeful that some of the expected job losses could be prevented if another company were to takeover Quinn Insurance and the business emerged from administration.

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FermPundit

Bad news. This will have major implications for the rest of the Quinn Group
We'll win Ulster some day, not sure when.

orangeman

Quote from: FermPundit on April 30, 2010, 03:29:55 PM
Bad news. This will have major implications for the rest of the Quinn Group


I suppose it all depends on how much they get for the buisness.


But in a firesale, it will not be good.

FermPundit

Quote from: orangeman on April 30, 2010, 03:40:16 PM
Quote from: FermPundit on April 30, 2010, 03:29:55 PM
Bad news. This will have major implications for the rest of the Quinn Group


I suppose it all depends on how much they get for the buisness.


But in a firesale, it will not be good.

By all accounts the insurance business was keeping the rest of the group afloat. It doesn't look good
We'll win Ulster some day, not sure when.

orangeman

Quote from: FermPundit on April 30, 2010, 03:44:07 PM
Quote from: orangeman on April 30, 2010, 03:40:16 PM
Quote from: FermPundit on April 30, 2010, 03:29:55 PM
Bad news. This will have major implications for the rest of the Quinn Group


I suppose it all depends on how much they get for the buisness.


But in a firesale, it will not be good.

By all accounts the insurance business was keeping the rest of the group afloat. It doesn't look good


But maybe by selling off the insurance business, he'll be able to straighten out the other parts of the group ??


Here's hoping anyway.

FermPundit

Quote from: orangeman on April 30, 2010, 03:52:03 PM
Quote from: FermPundit on April 30, 2010, 03:44:07 PM
Quote from: orangeman on April 30, 2010, 03:40:16 PM
Quote from: FermPundit on April 30, 2010, 03:29:55 PM
Bad news. This will have major implications for the rest of the Quinn Group


I suppose it all depends on how much they get for the buisness.


But in a firesale, it will not be good.

By all accounts the insurance business was keeping the rest of the group afloat. It doesn't look good


But maybe by selling off the insurance business, he'll be able to straighten out the other parts of the group ??


Here's hoping anyway.

Yeah, that's true. I wonder who might buy them? Will they try and keep jobs in Enniskillen?
We'll win Ulster some day, not sure when.

supersarsfields

Quote from: supersarsfields on April 30, 2010, 01:01:30 PM
I think things are going to go from bad to worse shortly.  :(

Had heard rumours about this earlier. Gutted by the news to be honest. But in fairness I think SQ is right as there's been that much damage to QI that I don't think it could have recovered. The adminstrator has strangled the life out of it.

orangeman

Quote from: FermPundit on April 30, 2010, 04:05:09 PM
Quote from: orangeman on April 30, 2010, 03:52:03 PM
Quote from: FermPundit on April 30, 2010, 03:44:07 PM
Quote from: orangeman on April 30, 2010, 03:40:16 PM
Quote from: FermPundit on April 30, 2010, 03:29:55 PM
Bad news. This will have major implications for the rest of the Quinn Group


I suppose it all depends on how much they get for the buisness.


But in a firesale, it will not be good.

By all accounts the insurance business was keeping the rest of the group afloat. It doesn't look good


But maybe by selling off the insurance business, he'll be able to straighten out the other parts of the group ??


Here's hoping anyway.

Yeah, that's true. I wonder who might buy them? Will they try and keep jobs in Enniskillen?


There'll be plenty who will want to buy, obviously at a price.


I'd say they'll keep a presence locally alright.

supersarsfields

I wouldn't be so sure OM. If it's a another large insurance firm they might have the call centres abroad. Or if it's a UK one then they'll already have uk based offices. They definitely won't keep all the offices anyway and I'd imagine they would be quicker keeping the Q Building in Dublin than any of the other offices.


haranguerer

Quote from: orangeman on April 30, 2010, 03:52:03 PM
Quote from: FermPundit on April 30, 2010, 03:44:07 PM
Quote from: orangeman on April 30, 2010, 03:40:16 PM
Quote from: FermPundit on April 30, 2010, 03:29:55 PM
Bad news. This will have major implications for the rest of the Quinn Group


I suppose it all depends on how much they get for the buisness.


But in a firesale, it will not be good.

By all accounts the insurance business was keeping the rest of the group afloat. It doesn't look good


But maybe by selling off the insurance business, he'll be able to straighten out the other parts of the group ??


Here's hoping anyway.

The other parts of the business were much more susceptible to the recession, esp the concrete packaging etc. The glass is mebbe the only one that can be straightened out? Thats that region fucked. Theres bound to have been better ways for this to have been handled.

supersarsfields

I'd fear for the group aswell to be honest. QI was the golden egg for SQ. Without it, the paying of depts will be alot harder. The only thing for the area itself is that alot of the groups activities will be tied to the area through the locations, like the cement factory etc. If the group was sold (And i hope to god it isn't) alot of the jobs should still be retained in that area. Or so you would hope. But no doubt there would be jobs cuts.

I know it's going to be a very nervous time for a lot of people now.

unitedireland

Quinn Group before the financial regulator - Problems but making profit and creating Irish jobs.
After 900 jobs GONE - Thanks Matthew

Hopefully the pasport office is in full flow again because Fermanagh, Cavan, Monaghan, Letrim and Dublin will see some emigration very soon. No jobs no prospects especially in the boarder counties.

Pity the Dublin 4 brigaide and Mat have never visited the boarder areas they might realise how dependent the area is on Quinn Group.

Hopefully Matthew will get a redundancy package and FUCKS of back to ENGLAND.

Michael Collins would be rolling in his grave