Quinn-healthcare has confirmed that a bid by
senior management enabled by Swiss Re as the reinsurer has been successful.
This agreement protects the second largest health
insurer in Ireland that has nearly 500,000 customers and secures the jobs of
330 team members in Cork. This agreement reinforces competition in the market,
which will be welcomed by consumers.
Dónal Clancy of Quinn-healthcare says, “This is
great news for our customers and the healthcare team. Since the company was acquired from Bupa in
2007, it has operated as a largely independent entity. This independence will be further confirmed
by the sale to members of the management team, which will also be accompanied
by the appointment of Elips Life (a wholly owned subsidiary of Swiss Re) as the
As the Quinn brand in Ireland is badly damaged,
it will move to a new brand over the coming months.
Sean Quinn set up the firm in 2007, taking over
from British insurer Bupa.The business tycoon lost control of his empire when
Anglo Irish Bank moved to recover €2.8bn in loans from Quinn and his family.
International health insurance news: 13 January 2012