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Quinn Insurance announces 900 job losses

The administrators for Quinn Insurance have today announced 900 job losses and confirmed that the Quinn Insurance is officially now up for sale. This is the next stage in a long-running saga involving parent group Quinn Group, which is owned by one of Ireland's wealthiest businessmen, Sean Quinn. The regulators became involved with regards to Quinn Insurance a few weeks ago and effectively closed the business due to a number of alleged irregularities.

While these job losses are obviously a concern for those involved, many people had been expecting significant redundancies at the company. The Irish operation has been barred from involvement in the insurance market and the UK branch can only transact with a fraction of the customers it has built up over the years. The company itself employs around 2,400 people and obviously the administrators are looking for a quick sale so that as many jobs as possible can be retained.

Despite the fact that the company is now under the control of administrators, Sean Quinn has on numerous occasions suggested the company was still trading profitably at the time the regulator became involved and any problems could have been overcome. However, today is a sad day for the company as there is literally no going back and it is likely to be in the hands of new owners very soon.

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