The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
640 jobs Number of planned job losses
Announcement Date
30 April 2010
Employment effect (start)
30 July 2010
Foreseen end date
29 July 2011
Description
Approximately 640 employees at Quinn Insurance Ltd are to lose their jobs over the next year to 15 months as part of a major restructuring of the business by its joint administrators. This constitutes over 35 per cent of the company's 2,450 workforce. The administrators said they would begin a consultation process with the Employee Representative Committee next Tuesday and expressed the hope the redundancies would be voluntary. They want 350 redundancies by July 2010 under a 'first phase', with the remainder over the next 12 months.
The main tranche of redundancies will affect the insurer's Dublin site, where 301 redundancies are being sought. In Cavan, Quinn propose to make 226 staff redundant, and a further 109 in Navan. A number of redundancies are also being sought in Quinn's UK operations. Employees will be offered four weeks' pay per year of service in addition to their statutory entitlement, which in the Republic of Ireland is capped at €600 per week.
Sources
1 May 2010: The Irish Times
Citation
Eurofound (2010), Quinn Insurance, Internal restructuring in Ireland, factsheet number 70502, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70502.
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