Accepting administration will speed re-opening of UK arm
Quinn’s decision to drop its opposition to the Financial Regulator’s appointment of administrators will speed the reopening of its UK business, the Irish Times reports.
The regulator said it “remained encouraged” by its engagement with the administrators on reopening parts of the insurer’s business in Northern Ireland and Britain.
1,500 jobs at risk
Liam McCaffrey, chief executive of the Quinn Group, said there were 1,400 to 1,500 staff at the insurer currently “doing nothing” due to the closure, and these roles were at immediate risk if the UK business was not reopened.
All told, about 1,430 staff at Quinn Insurance who work in the UK business were at risk if the regulator’s closure order was not reversed, he said, while the value of Quinn Insurance was also being eroded by the regulator’s move.
“If the UK business could be re-established then at least that protects the fabric of the company that gives you time to find the solution,” said Mr McCaffrey.
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