Quinn Group has announced plans for 500 more jobs at the former Bupa base in Fermoy following its acquisition of the health insurer.
Quinn Group finalised the acquisition of Bupa Ireland this morning with the announcement that it was establishing a new company based at the former Bupa base.
Sean Quinn
Quinn Group chairman Seán Quinn said Quinn Healthcare will develop new offices for up to 800 staff in anticipation of future business growth.
The Quinn Group initiated the takeover of Bupa Ireland in February, securing both the jobs of 300 staff in Fermoy and also health insurance cover for about 475,000 people. The deal came despite Government intervention that closed off the loophole that would have enabled the company to avoid making risk-equalisation payments to VHI.
"We are very excited about entering the health insurance market and believe the acquisition of Bupa Ireland Limited gives us a fantastic platform to become the leading health insurer in Ireland," Mr Quinn said this morning.
"We are in the health insurance market for the long term and will build on all of the elements of Bupa Ireland Limited's success, particularly the extensive range of benefits and high standards of customer care," he said.
He also commented on the Government's community rating scheme under which health insurers must charge customers the same premium for a particular plan regardless of their age or health history.
"While we support the concept of community rating, we believe that the health insurance market is best served by having transparent and open competition and to this end we believe the Government must act to put an end to the anti-competitive and dominant position of the VHI," Mr Quinn said.
"Indeed, their [the VHI's] position is being reinforced by the Government's insistence on continuing to implement the current unfair risk-equalisation scheme. We are determined to create a competitive health insurance market and will take whatever action is required to achieve this," he added.
