Quinn bailout and sale to cost Irish heavily

Thursday, April 28, 2011 @ 01:04 PM
John

Deal struck as Quinn reveals losses

Quinn Insurance, the leading insurance firm founded by tycoon Sean Quinn, had losses of 706 million euro in 2009.
As the staggering financial results were announced, administrators said a takeover deal has been finalised with US insurance giant Liberty Mutual and nationalised Anglo-Irish Bank.
All 1,570 staff in the Irish Republic and Northern Ireland will be retained under the sale, the administrators said. But as part of the deal and due to the huge losses suffered by Quinn Insurance, consumers in Ireland will be forced to repay 600m euro under a special levy.

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