Concern continues for Quinn Insurance employees as meeting takes place with Financial Regulator
Concern continues this week in the local community regarding the position of Quinn Insurance employees 600 of whom live in County Meath. 200 working in the Navan office and 400 working in the Blanchardstown office.
Local TD Mary Wallace has expressed concern at this weeks meeting with the Financial Regulator regarding the 600 jobs of the people she represents many of whom are her neighbours and friends. “Each of these individual jobs is very important to the people concerned and to their families.” she said.
The Financial regulator explained that the UK business lost €44 million last year and it was necessary to implement measures to prevent the firm suffering further losses and a further deterioration in the firms insolvency.
The urgency of reopening the UK Insurance aspect of the business was discussed as this is particularly key to the jobs of people living in Meath.
The Financial Regulator explained that he received the initial plan on 8th April but there was not sufficient analysis re pricing contained in that plan.
He went on to explain that on the 15th April he received additional information regarding the motor insurance aspect and he was in a position to remove the ban in relation to insuring provisional licence holders on the 22nd April.
The analysis was not sufficient in relation to full licenced motorists. Quinn Insurance did not have an in-house Actuary and an Actuary was brought in by the Administrator. The analysis regarding fully licenced motor insurance was received last Thursday and the ban was immediately lifted in relation to the private motor insurance.
There was some debate regarding what percentage the overall UK insurance this is and the Financial Regulator advised that motor was 70% of all UK business. Some of this would include commercial fleets and thus the position should be back at up to 60% of the original UK business.
The Administrators and the Financial Services Authority will continue to work in relation to the potential reopening of limited business lines in the UK although this will require addressing further significant regulatory concerns.
Deputy Wallace has joined with her political colleagues in reaffirming respect for the independence of the office of Financial Regulator and the importance of the highest standards in regulation of the sector and is thankful to the Financial Regulator for this weeks meeting to provide an opportunity to express our concerns about the impact all of these decisions are having on the individuals and families whose jobs are with Quinn Insurance.
The issue of 40+ bidders interested in Quinn Insurance is very important for employees and as their representatives we are concerned regarding the best future going forward option for local employment. The Administrator could sell in sections or the group could sell as a whole and perhaps direct group sale has more scope to factor in local employment nd this is a most important aspect going forward.
We understand that the Administrators objective is to ensure that Quinn Insurance is a sound commercial business with a secure financial footing. The Financial Regulator is concerned with solvency, governance, structure controls and management.
Deputy Wallace concluded that “our concern is what is best for local employment, the importance of jobs to individual families, our neighbours and our friends.”