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Quinn rebranded while consumers pay

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Quinn Insurance will be rebranded in the takeover by US giant Liberty Mutual and Anglo-Irish Bank

Quinn Insurance will be rebranded in the takeover by US giant Liberty Mutual and Anglo-Irish Bank

Quinn Insurance will be rebranded in the takeover by US giant Liberty Mutual and Anglo-Irish Bank

Quinn Insurance will be rebranded in the takeover by US giant Liberty Mutual and Anglo-Irish Bank.

Ted Kelly, Armagh-born chief executive of Liberty, met staff in Cavan, Enniskillen and Blanchardstown in meetings this week.

Consumers will have to foot a 600 million euro bill to cover Quinn's losses as part of the takeover plan.

"We see many positives in the business and are optimistic about working with the management and staff on making both the Irish and UK operations a success.

"As part of the deal the Liberty-led joint venture will purchase all the existing buildings in the three continuing locations, which in fact emphasises our commitment to the employees and the region.

"Liberty has strong connections with Ireland where we already employ over 300 people in Belfast and Dublin. The response from the staff has been positive."

Under the takeover deal Liberty Mutual will acquire 51% of Quinn Insurance's Irish operations and invest more than 100 million euro in the new company.

It will also service Quinn Insurance's UK business with an option to buy later. The signed deal is still subject to relevant regulatory approvals.

Liberty said it is also committed to protecting Irish-based jobs.

The takeover is expected to be finalised in September.

PA