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THE INSURANCE ARM of Quinn lost €706 million in 2009, the year before administrators were appointed to the company it was reported today.
The announcement came on the day it was also confirmed that the administrators had signed a deal to sell the company to US insurance giant Liberty Mutual and Anglo Irish Bank as had been reported last month.
All 1,570 staff members in the Republic and Northern Ireland will be retained under the sale, PA reports.
Liberty will inject €102 million and Anglo will put in €98 million to recapitalise the new company which will now be known as Liberty Mutual Direct insurance.
The administrators of the leading insurance firm, set up by the now heavily indebted Séan Quinn, said that of today’s announced losses €559m of this was operating losses, and €147m was due to write-downs of assets.
A further €160 million was lost in 2010.
The administrators said €333 million was lost in the UK insurance business, the bulk of that relating to the non-motor insurance industry, RTÉ reports.
The administrators said that the company’s poor performance in 2009 and 2010 would mean they would have to seek help from the Insurance Compensation Fund to the tune of €600 million.
Approximately €180 million of this is expected to be drawn down later this year and will likely mean an industry wide levy being applied to non-life insurance customers, reports the Irish Times.
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Eileen I have to agree with Lauren for the simple reason…..that she’s smoking hot.
Naw, fake tan and stretched plastic looking.
Well done once again to the bomb squad , amazing work !
One wonders though how long the Ministers of Justice and Defense are going to allow this increasingly dangerous situation to continue?
What would you propose they do? Set up search check points at every cross roads in the country?
What do you suggest Lauren ?
The Gardai and Army HAVE access to more information than you or I . The thing is there is only so much that so few manpower can do. There should be more Gardai .The Gardai and Army bomb disposal teams do great work and I am not criticising them , but the politicians who have reduced their numbers should be held accountable . It is worth noting that any number of Gardai can be summoned to Mayo , yet there are viable exploding devices being found , but who is panting them ??? . The Banks have access to Gardai and Army to protect their money in transit …..
As it happens Eileen the banks have to pay for the gardai and army when they need cash escorts
What would you propose we pay all this extra man power with? gratitude?
So the banks pay for private security from State police . Says it all there. By the way I have the utmost of respect for te majority of Gardai. They like the prison service have a thankless job. Maybe it is about time for the banks to pay for their own private security and this in turn would free up gardai and army personnel to carry out duties for the state and the citizens. Shell should also employ more security if they feel so much at risk. You seem to be very defensive. I have good time for the work of the gardai .
Gratitutde does not put food on the table so are you telling us here that shell and the banks pay Garda salaries ? Are you seriously implying that only for Shell and the banks Gardai would not be paid ? Lauren , maybe you should retract your comments , because what you are saying is actually accusing the government of offering preferential treatment and service for money …… I do not think the Gardai will like that .
How are finding life on the outside Larry? I thought you were in hiding.
Free travel. I can pop up anywhere.
Lucky for Lauren she’s not your type so.
Let’s not trivialise the greatest risk to the Irish State since the so ceasefire in Northern Ireland. Increased terrorist activity across the Border including shots being fired at PSNI last month and this sad total of 123 call outs with more than fifty viable devices in the Republic this year alone. This is alarming
and even more so when the National Press is ignoring the matter. Perhaps we should read something into the obvious lack of coverage and also lack of comment from the Department of Justice or Defence.
Mick Collins,
There are more Garda Stations to be closed next year and there is a green paper on Defence due for budget time there is another 12.5 billion euro to be taken out of this economy by the end of 2015, our troika masters have spoken and so it shall be.
Jesus, they call out BDU so often they have to replace the tires on the robot every year.
I believe it is ex-IRA members who are selling there wares and expertise on to criminal gangs now that the WAR! Is over….a leopard never changes it’s spots!!
They (guards) know who planted it,they know who it was intended for (local traveller fued). There’s a (want to be) traveller crime family intimidating the local wealthier families for land and cash and the guards can’t do anything about it. This is the third device that they’ve been called out too in rathkeale. The first one exploded when it was thrown into a house and the second failed to detonate.
Makes me wonder what kind of person is doing this. Is there an agenda? Making bombs for the craic because they can? Like hackers and their bragging rights. Just looking for attention. Hard to know. All these bombs being found yet none have gone off. Very strange.
Yes they have gone off…with one removing the hand of a young boy in Wicklow! A Nation Once Again,,me arse!
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