The Quinn Group today officially entered the Irish health insurance market today with the completion of its takeover of BUPA Ireland Ltd's business.
The new company will be known as Quinn Healthcare and will continue to be based in Fermoy, Co Cork.
The company intends to develop a new office facility in Fermoy that will hold up to 800 staff.
Quinn Healthcare has taken over all the existing operations of BUPA Ireland Ltd from where it will service its membership base of 440,000.
“We are very excited about entering the health insurance market and believe the acquisition of BUPA Ireland Limited gives us a fantastic platform to become the leading health insurer in Ireland,” said Quinn Healthcare chairman Sean Quinn.
“We are in the health insurance market for the long-term and will build on all of the elements of BUPA Ireland Ltd's success, particularly the extensive range of benefits and high standards of customer care.
“I would like to thank all our members for the loyalty they have shown in recent times and we will repay this loyalty by providing them in the years ahead with the best possible cover at the most competitive prices as Quinn-direct has done in motor insurance.”
Mr Quinn went on to criticise the VHI, as well as the Government’s policy in the area of health insurance.
“While we support the concept of community rating, we believe that the health insurance market is best served by having transparent and open competition and to this end we believe the government must act to put an end to the anti-competitive and dominant position of the VHI.
“Indeed, their position is being reinforced by the Government's insistence on continuing to implement the current unfair risk equalisation scheme. We are determined to create a competitive health insurance market and will take whatever action is required to achieve this.
“I would call on existing VHI members to switch to Quinn Healthcare to avail of our lower prices, excellent customer service and commitment to an open and competitive market.”