The sale of Quinn Insurance to US insurance giant Liberty Mutual Group has been completed today. The transfer of all existing Quinn Insurance workers to Liberty Mutual?s new Irish company has also been completed.
The new operation will trade under the name of Liberty Insurance and will continue to operate from existing offices in Cavan, Dublin and Enniskillen. Cavan will continue to be the company?s headquarters.
The new boss of Liberty Insurance has been named as Patrick O?Brien, who was previously chief operating officer of Liberty Mutual Insurance Europe.
The Quinn company signage was taken down over the weekend at the Co Cavan headquarters, while the ?Q? spelt in gravel in a rock garden at the site was also dug up.
Quinn Irish insurance customers have been told that all contact details remain the same, and they do not need to take any action as a result of the change of ownership. Their policies have been transferred to Liberty Insurance and their existing premium and level of insurnace will be unaffected.
The sale of Quinn Insurance to Liberty Mutual and Anglo Irish Bank was approved by the High Court in June.
The former owner of Quinn Insurance, S?an Quinn, was declared bankrupt at a court in Belfast on Friday. The 64-year-old businessman, once Ireland?s richest business man, was granted a voluntary adjudication over an alleged ?2.8 billion debt owed to Anglo Irish Bank.
By declaring himself bankrupt in Northern Ireland, it means he only has to wait a year before going back into business ? rather than 12 years here.
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