Concerns expressed for Navan jobs as administrators appointed to Quinn Insurance

The High Court yesterday (Tuesday) appointed joint provisional administrators to Quinn Insurance Ltd, which employs over 200 people in Navan, sparking concerns for jobs at the company. The Financial Regulator said that the action had been taken in the interests of the firm's policyholders. The company is to continue to operate as a going concern and Irish policyholders of Quinn Insurance Limited can continue to renew policies, carry out new business and make claims in the normal way. "The appointment of joint provisional administrators will better protect policyholders. It will allow the firm to remain open for business, to continue to be run as a going concern under different management and to put the business on a sound commercial and financial footing," the regulator said. The Financial Regulator has an onsite presence in the firm to oversee its actions and to work with the new management. Quinn Direct Insurance has said the appointment of administrators to the company was "deeply disappointing in the context of the continued profitability of the group which is currently in excess of €20m per month". The statement continued: "However, the Regulator has seen fit to take this action in the context of a perceived depreciation of the underlying assets of Quinn Insurance Ltd. We feel that this issue could have been resolved to the benefit of all in a relatively short space of time and we will be working with the Regulator and the provisional administrators to resolve all outstanding matters. The business continues to trade as a going concern with the objective of ensuring a financial restructuring to safeguard the overall business in the longer term." It is not yet clear whether the announcement will result in any job losses or whether the move will have any implications for the Navan offices of the company. News that administrators have been appointed to the troubled Quinn Insurance company has been described as a bombshell for Navan with almost 300 jobs at risk. The company had been expected to employ 300 people in its Navan operation by this summer, but the future of all jobs at the company's new headquarters in Navan are now in question, according to Cllr Tommy Reilly, who said he was distraught at the news. "This is another major blow for Navan. We have been looking forward to Quinn creating all these jobs in Navan for several years and the facility here in Navan was a flagship project. It is a terrible blow for Navan and surrounding areas," he said.