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Updated 22:55
LIBERTY INSURANCE IS cutting 270 jobs across Dublin, Cavan and Fermanagh as losses from the UK motor insurance market mount.
The insurer say they expect the redundancies to be “voluntary led” and break down as 135 in Dublin, 115 in Cavan and 20 in Enniskillen.
In a statement this morning, the company says that they have have decided to withdraw from the UK personal general insurance market because of ‘heavy losses’. The UK market was being serviced from Ireland.
Tánaiste and Minister for Social Protection, Joan Burton, has pledged a range of employment supports for Liberty Insurance workers who need them.
“My first thoughts are with the staff following this very difficult news today. While Liberty Insurance has stated that it will be seeking voluntary redundancies, nevertheless this will have an impact on livelihoods and local businesses in Blanchardstown, Cavan and Enniskillen.
I would like to assure the employees of Liberty Insurance based in these three locations that officials in the Department of Social Protection will be available to provide advice on social welfare supports and entitlements should they decide to take voluntary redundancy.
US-owned Liberty Insurance has its roots in the former Quinn Group and employs over 1,000 people at its offices in Blanchardstown, Dublin City, Cavan and Fermanagh.
Liberty Mutual Insurance Group provides car, home and business insurance across the country and has its main headquarters in Co. Cavan.
The company previously announced in late 2012 that is was cutting 285 jobs across its various offices.
The following year, parent company Liberty Mutual said it would be phasing in an additional 150 jobs in its Blanchardstown office.
More to follow.
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Wait, you mean Pfizer aren’t here for our incredibly skilled workforce??
As a Multinational corp employee I would disagree. There are many reasons they and other multinationals setup, tax being one factor. But you need to create the right environment for business and this includes a number of key attributes such as financial, people, infrastructure, culture etc. Once you create critical mass for any industry such as Pharma, tech, financial services etc you attract more investment and also allow for home grown business to thrive either in support of the sectors or part of the sectors. Everyone focuses on the tax the corporations should pay but seem to ignore all the benefits they bring to the broader economy such as job, GDP, reputation etc. Anyways you have to ask what are the real drivers behind the US Treasury ruling and longer term impact to US economy will be felt. Ireland should continue to create attractive business environment to capitalize on this.
That’s great, Lawrence. We should then let them do whatever they like, in grateful appreciation for some employment. Would they be interested in any of our maidens or small boys??
Yeah that really brings perspective to conversation. We let the banks do what they want to the country but God forbid you try and bring jobs or real investment. Pfizer has invested 7 Billon in Ireland. Yeah real vultures. And have they broken any rules or laws. No. Unlike the banks for example
Oh Oh!
Wait a couple of days, and the “Tax Advisers” will find loopholes in that one too.
Government should be concentrating on Irish businesses, not depending on corporations,like the housing bubble, it will burst.deloitte reported 1,500 Irish businesses closed in 2015,Richard Burton is not on TV talking about that.
True that. Last time I saw Richard Burton on the box he was taming a shrew.
A tax harmonisation across the EU is what’s really scary.
Tax is the governments way of control. They dont like the free market economy dictating terms.
I’m sorry, Lawrence, but you really are a fool – and by the looks of things, would sell your own granny for your jobs and perks. The “free market” has been such a great friend to everybody, has it?
There is a big difference between a true Free market economy (which doesnt exist anymore) and the monopolized version of capitalism driving the bank bail outs for example. I have no shame in what i do and i am being very open and honest about it, i work hard and pay my taxes so owe nothing to you sir.
We have propped up our economy on another bubble that is about to burst, but this time its based on our corporation tax laws rather than housing. It’ll be the average people again that will have to pick up the pieces.
I wonder how will that work with the TTIP or maybe its a result of the TTIP.
HUNDREDS OF MILLIONS!?! “The move would save Pfizer some $35 billion in taxes and be the largest corporate inversion ever.” -RT
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