Liberty Insurance to axe 75 Cavan jobs

Liberty Insurance is set to shed 75 jobs in its Cavan offices in a "restructuring" that will see a total of almost 300 jobs axed nationally. Employees were addressed at briefings in Cavan, Dublin and Enniskillen today. They heard that in addition to the 75 Cavan jobs going, a further 140 redundancies will be sought in offices in Dublin, and 70 in Enniskillen. Currently, approximately 500 staff works in each location. Liberty said that the move comes after a "strategic review of its cost base" and that they are seeking to secure 285 redundancies, "most of which it is hoped will be voluntary". They say the move is due to the volume of the UK business declining sharply over the past few years. The company said that entry to General Insurance markets in Britain and the North will mitigate the potential impact of the "restructuring plan and secure 415 jobs." "It will enter the Northern Ireland and Great Britain General Insurance markets by exercising the option to acquire the renewal rights to the policies written there by Quinn Insurance Ltd. Company," read a press release from the company. "During the past 12 months Liberty Insurance had serviced this business on behalf of the administrators of Quinn Insurance and approximately 700 of the 1,450 Liberty Insurance staff had worked on the GB and Northern Ireland business. Patrick O'Brien, Chief Executive, Liberty Insurance said; "We have achieved much in our first year in the Irish market and during that time have maintained staff levels that reflected the size of the business prior to acquisition whilst we examined the options for market entry into Northern Ireland and GB. However, a year after acquiring the business, we have decided to make the right decision to position us for sustainable profitability and to protect in excess of 1,100 jobs remaining. "We are fully committed to the Irish business, will continue to invest in our business, and believe that our arrival has been positive for the Irish Insurance market and consumers," he concluded. Following today's staff briefings management, employees and the employee representative body will work together during a consultation period which will last for 30 days.