The Quinn Insurance Ltd. Administrators are expected to send proposals to the Financial Regulator about re-entering the market but before that they will spend time working on a detailed actuarial examination of its commercial lines of business in the UK. Most likely, it will take 10 days to complete and the proposals are expected to be sent after that.
Reportedly, the regulator has already allowed administrators to enter the UK motor market once again. The administrators Michael McAteer and Grant Thoronton are trying to pull Quinn at previous rank where it was earning a high profit. But there is sad news in this aspect as the administrators are planning to sack about 900 employees without thinking about their families and dependents. Minister for Enterprise Batt O’Keeffe and Minister for Agriculture Brendan Smith met last Friday with Quinn administrators to address the matter. They talked about the mechanism as to how they can save maximum jobs and what will the future of employees.
On talking with RTE radio on that matter, the ministers said that Quinn was a fabulous workplace and they had talked with the administrators to save maximum jobs. They proposed that skilled people might start their own businesses and they would provide them every assistant in this regard. Michael McAteer says the company will support them at every difficult stage.
As many as 301 employees are expected to loose their jobs at the West Dublin office only. Cavan office will face 226 sacks, Manchester 48, London 6, Enniskillen 179, Navan 27 and O’Connell Street Dublin can face 4 sacks.
