The Boston-based Liberty Mutual Group announced it has successfully completed the planned acquisition of Quinn’s Irish insurance business, as well as the transfer of all existing Quinn Insurance employees to Liberty Mutual’s new Irish company, which “plans to trade under the name of Liberty Insurance. The company will continue to operate from existing offices in Cavan, Dublin and Enniskillen, with Cavan as the headquarters,” said the bulletin.
Liberty Mutual first announced plans to acquire Quinn’s operations last April. The acquisition completes Quinn’s rehabilitation. It was formerly controlled by Sean Quinn, a construction magnate, who was forced out of the company in 2008, as a result of financial problems and a number of breaches of Irish insurance regulations.
He recently filed for bankruptcy in Belfast, Northern Ireland, declaring that he owed €2.8 billion [$3.82 billion] to Allied Irish Bank, which was taken over by the Irish government in 2008. He is contesting that claim as well in the Irish Republic.
Liberty Mutual’s acquisition is good news for Ireland. President and CEO David H. Long commented: “We are pleased with this acquisition as it enables us to enter the Irish market as the economy begins to recover. We are also delighted to welcome our newest employees to the Liberty Mutual family and we look forward to their contributions to our success in Ireland and the United Kingdom.” The employees are without doubt equally grateful.
The Board of Liberty Insurance in Ireland will be chaired by Edmund F. Kelly, Chairman of Liberty Mutual Group, and will include David H. Long, Liberty Mutual Group President and CEO, among other Liberty Mutual Boston executives and four independent, non-executive directors. Patrick O’Brien will be CEO of Liberty Insurance in Ireland and a member of the company’s Board of Directors. He is an Irish citizen and a long-time executive with Liberty Mutual in Dublin and London.
The bulletin also explained that “Liberty Insurance plans to build on Quinn Insurance’s position in the Irish market and provide enhanced services to appeal to a broader spectrum of Irish consumers, families and businesses.
“Building on a strong base in motor insurance, the new company will expand its offering of insurance products for all household and business assets and risks. Liberty Mutual has experience in Ireland through its existing Liberty International Underwriters operation in Dublin, which is dedicated to commercial and complex insurance risks.”
Source: Liberty Mutual Group
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