Administrators rule out compulsory redundancies at Quinn
The administrators of Quinn Insurance have informed employees they will not have to make any compulsory redundancies at the company.
The company has confirmed that after receiving the 900 applications it needed for a voluntary-led compulsory redundancy process, it will need to invoke involuntary redundancies.
Quinn Insurance also told employees that Macquarie Merchant Bank has been appointed to manage the sale of Quinn Insurance Limited, and that the Quinn Group has agreed that Quinn Healthcare will also be sold as part of this process.
It has been reported that more than 40 companies have expressed an interest in a purchase, including US firm Liberty Mutual.
Because of its move into administration, the company has suspended the performance-related bonus schemes in April. All schemes across all employee levels are being reintroduced from July 1, 2010. However, due to its financial position, bonus levels will be set at a lower level than before.
The statement added: "Throughout the uncertainty of recent months, Quinn-Insurance Ltd and its employees have continued to focus on providing great value insurance and excellent service to its customers. Customer acquisition and retention numbers demonstrate strong consumer approval of these propositions."