Health insurer Quinn-Healthcare is to be sold to its management team in a deal which is being backed by reinsurance giant Swiss Re.
A statement from the company said the deal would secure the jobs of its 334 workers in Cork. Quinn-Healthcare is the country’s second-largest health insurer with nearly 500,000 customers.
Most of the senior managers involved in the deal have been with the company since it was originally launched in Ireland as BUPA Ireland in 1996. It was then acquired by the Quinn Group in 2007.
As part of the deal, Elips Life, a subsidiary of Swiss Re, has been appointed as the company's underwriter.
Quinn-Healthcare managing director Dónal Clancy said it would be business as usual for customers, and that a “natural transition” to a new brand would take place over the coming months.
The health insurer was not included in the deal which involved Liberty Mutual and Angl Irish Bank's takeover of Quinn Insurance.
A statement from the Quinn Group said the sale was in line with its strategy of refocusing on its core manufacturing business.
“The disposal of Quinn-Healthcare represents another milestone for the group which concludes a complex negotiation and places an end to the uncertainty for the healthcare business,” said Quinn Group CEO Paul O'Brien.
