QUINN-healthcare
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| Type | Privately Owned |
|---|---|
| Industry | Financial Services |
| Founded | 2007 |
| Headquarters | Little Island, Co. Cork, Ireland |
| Products | Health Insurance |
| Website | quinn-healthcare.com |
QUINN-healthcare was formed in February 2007 following a high-profile acquisition of the health insurer Bupa Ireland by the Quinn Group.[1] The newly formed QUINN-healthcare employs over 300 personnel in Little Island, County Cork[1] and has embarked on a significant drive to increase its profile and share of the Irish Health Insurance market.[citation needed]
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[edit] History
QUINN-healthcare was formerly BUPA Ireland. BUPA Ireland entered the private medical insurance market in Ireland in 1997 ending the VHI Healthcare monopoly which had existed for almost 40 years following the opening of the health insurance market in Ireland in 1994.[2] In December 2006 BUPA Ireland announced that it would be leaving the Irish market as the High Court had left the Risk Equalisation scheme unchallenged. BUPA Ireland argued it could not afford to make a cash transfer to VHI Healthcare as required under the risk Equalisation Scheme. After this QUINN Healthcare took over.[3]
As a new insurer, QUINN healthcare was exempt from the Risk Equalisation payments for three years which was the normal concession granted to any new market entrant.
In 1994 the Supreme Court ruled that the Governments Risk Equalisation specifications were incompatible with the Health Insurance Act 1994 and must be set aside. But the new Health Insurance (Miscellaneous Provisions) Bill December 2008 proposed a new scheme of levies on all health insurance members to be used to fund a new system of tax credits for those over 50 who have private medical insurance.[4]
[edit] Business
As of 2011, QUINN-healthcare has 1.3 million members members and announced a price freeze for 2007.[citation needed] Quinn Group chairman Sean Quinn announced in April 2007 that he intends to develop a new office facility in Little Island, County Cork that will hold up to 800 staff extending the workforce by 500.[1]
Since late 2009, the future of the entity has come into question, as its holder, the Quinn Group, fell into administration, and is looking to sell off its insurance assets in the UK and Ireland.[5]
[edit] Management Buy-out with Swiss-Re
On 23rd December 2011 Dónal Clancy, Managing Director of QUINN-healthcare announced that a senior management bid enabled by Swiss Re as the re-insurer was successfully concluded with the administrators- Paul McCann and Michael McAteer of Dublin accountancy firm Grant Thornton. Head of Life & Health Origination, Europe, Middle East and Africa at Swiss Re, Bruce Hodkinson confirmed that Elips Life (a wholly owned subsidiary of Swiss Re) would be the underwriter. A transition to a new brand will take place during 2012 it was confirmed.[6]
[edit] See also
[edit] References
- ^ a b c Quinn Group announces 500 Fermoy jobs RTÉ News, 17 April 2007
- ^ Health Insurance Act 1994 Irish Statute Book, 30 June 1994
- ^ Irish Supreme Court rules in favour of BUPA in risk equalisation case against the Government Finfacts Ireland, 16 July 2008
- ^ Private health insurance Private Medical Insurance in Ireland, a short summary; Citizens Information Board, 24 June 2010
- ^ Quinn health price tag: €20m? Insurance Times, 14 June 2010
- ^ http://www.quinn-healthcare.com/press_and_media/pressrelease231211.htm
