Quinn Insurance Group, which has sites in Cavan and Enniskillen, has been placed into administration after the Financial Regulator raised concerns over the finances of the company and how it was being operated.
In a statement released today, the Quinn Group confirmed Quinn Insurance Limited had been placed in “provisional administration”.
The statement said: “This is deeply disappointing in the context of the continued profitability of the group which is currently in excess of €20m per month.”
Quinn added that it “will be working with the regulator and the provisional administrators to resolve all outstanding matters.”
The Financial Regulator said: “Existing UK policyholders will not be affected by this decision as existing policies will remain valid. Customers can make claims in the normal way.
It added: “The effect of this action is to prevent Quinn Insurance Limited suffering further financial losses from its currently unprofitable UK business.”
The company, which is owned by County Fermanagh businessman Sean Quinn, has a workforce of almost 3,000 in Ireland and the UK out of more than 8,000 workers in the wider Quinn Group across Europe.
However, the Quinn Group said all of its other businesses have not been affected by the move.
The firm, which is one of Ireland’s largest insurance companies, was established by Mr Quinn in 1973, developing from a small quarrying operation in Derrylin.
The news will no doubt be disappointing for the economy since Quinn is regarded as one of Ireland’s most successful companies.