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 new underwriter.”
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.