Northern Ireland

Liberty Mutual : No major job losses at Quinn Insurance

The chairman of Liberty Mutual, which has acquired 51% of Quinn Insurance, has said he is confident there will be no major job losses at the company.

Ted Kelly said his company aims to grow the business already generated by Quinn.

Liberty Mutual, which employs 300 staff in Northern Ireland, is promising to invest 100m euros when it formally takes over the company in September.

The firm employs 1,570 staff in Fermanagh, Cavan and Dublin.

Mr Kelly, who was born in Northern Ireland, said retaining jobs would be a priority.

"There will be no massive lay-offs or anything like that. The people who have the jobs now... will (still)have the jobs," he said.

"Our fondest hope is that we turn this into a gross company with continued and increased employment.

"Jobs and growth go together."

It was confirmed last month that the Quinn Insurance business was being sold to a new company backed by US insurer Liberty Mutual and Anglo Irish Bank.

It is expected that Liberty Mutual will eventually take full control of the business. Quinn Insurance has been in administration since March 2010.

The administrators said the company lost over 700m euros (£629m) in 2009 - the year before they were appointed.

Liberty will inject 102m euros (£91m) and Anglo will put in 98m euros (£87m) to recapitalise the new company, which will be known as Liberty Mutual Direct Insurance.

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