Quinn group to consider selling insurance arm
The Quinn group has announced that it is to consider selling Quinn Insurance.
"The board has reluctantly come to the conclusion that, in the interests of all stakeholders but especially Quinn Insurance employees, it should consider selling Quinn Insurance," the group said today.
Chief executive of Quinn group Liam McCaffrey said: "Since the appointment of provisional administrators on March 30, ...the Group board has been considering a number of options but has now reluctantly concluded that in view of the funding required to meet the solvency requirements laid down by the Financial Regulator, the future of Quinn Insurance is 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."
He added that "Quinn Insurance has a robust and profitable business model with a skilled and loyal workforce. However prolonging the situation is not in anyone's interest and that is why we have reached this decision."
There is speculation that up to 1,000 staff could lose their jobs over the coming months.
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