No compulsory redundancies necessary at Quinn Insurance

Quinn Insurance employs 600 people in County Fermanagh
Image caption Quinn Insurance employs 600 people in County Fermanagh

Employees of Quinn Insurance have been told there will be no compulsory redundancies as part of the company's streamlining.

More than 900 workers applied for voluntary redundancy after the company was put into administration by the High Court in Dublin in March.

The company is shedding 900 staff at locations on both sides of the border including Navan, Cavan and Dublin.

In Northern Ireland 200 jobs are to go at Enniskillen and Derrylin.

The company had moved from a position where it had an excess of assets over liabilities of more than 200 million euros to a position where it had 200 million euros of liabilities over assets.

On Monday the company also confirmed that Macquarie Merchant Bank has been appointed to manage the sale of Quinn Insurance Limited.

The Quinn Group has agreed that Quinn-healthcare will also be sold as part of this process.

Macquarie will engage with potential buyers of Quinn Insurance Ltd and will apply strict criteria to ensure confidentiality.

A spokesperson for Quinn Insurance said that during this time the group would make no further comment on the sale process.

"Quinn Insurance Ltd can confirm that following the suspension of the performance related bonus schemes in April all schemes across all employee levels are being reintroduced from 1st July 2010.

"In light of the financial position of the Company bonus levels will however be set at a lower level than previously," it continued.

"Throughout the uncertainty of recent months, Quinn-Insurance Ltd and its employees have continued to focus on providing great value insurance and excellent service to its customers. "

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