Hopes and Fears of Quinn Insurance Employees.

Since one of the largest Irish insurance companies, Quinn Insurance, has been banned by the Financial Regulator from doing business in the UK on March 30th, company employees expect redundancy process to start any time. Quinn provides work for 2400 people, almost a half of them work in its UK subdivisions. Thus, over 1000 jobs had been placed at risk by narrowing of the business.

A new hope was given to the company’s staff on April 8th, when the ban was partially lifted to allow Quinn Insurance writing new policies for provisional driving licence holders. Motor insurance is very profitable in the UK, but for Quinn Insurance, which used to offer health, public liability, home, car and van insurance, it is only 10 % of the UK business.

The Financial Regulators understand the importance of preserving jobs in Quinn Insurance, but they are more concerned about solvency of the company, which has been put at risk as the result of unsuccessful stock gambling. Company's administrators at the same time consider the involvement of Financial Regulators unnecessary and harmful for the company.

Despite the fact that the Financial Regulators are open to new discussions and proposals brought by Quinn's administrations, many experts say that the only reasonable solution for Quinn Group is to find a new well paying owner for the company.