Liberty insurance workers meet after shock 270 jobloss announcement
The Liberty Insurance workers were understood to be again in meetings this afternoon, after the company's shock morning announcement that 115 jobs will go in Cavan as part of larger re-structuring plans seeking 270 redundancies across the island.
The company has said that it requires 270 across three locations inside 18 months - Cavan's Liberty base is to lose 115, Blanchardstown is to lose 145 while 20 more are to go in Enniskillen with a third-party sought to take over the Fermanagh-based call centre.
Liberty said this morning that they are seeking the cuts due to a 'challenging market' and to streamline their Irish business, leaving the loss-making UK market.
The Forbes 100 company met with staff this morning in the nearby Hotel Kilmore at a meeting set for 11am and again at 2pm.
The insurance company employs 340 in Cavan, 370 in Blanchardstown and 210 in Enniskillen but will leave the UK's personal and general insurance market.
However, the company is pledging growth in other areas. Luis Bonell, President, Liberty International said: 'Liberty Mutual remains fully committed to building a successful business in Ireland. In recent years, we have purchased the remaining minority stake in Liberty Insurance, announced the acquisition of Hughes Insurance and have continued to invest and create jobs in our Liberty IT division in both Dublin and Belfast. In the coming years, we will utilize Liberty’s global expertise and resources to support our businesses in Ireland to enable their development into leading players in their respective markets.”
Tom McIlduff, Chief Executive, Liberty Insurance, said: “We have achieved a lot in our first few years in Ireland, having established a strong brand and grown our distribution network.
'However, the market is challenging and we have been loss making with an uncompetitive cost base. Withdrawing from the Great Britain market, focusing on Ireland and streamlining our operating model will enable us to strengthen our long term competitive position in Ireland in order to service our customers and brokers better.”
Management and employees will now enter a consultation period of 30 days.
In 2012, the company sought 75 voluntary redundancies from its Cavan base, before letting 110 go in early 2013, after the scheme became over-subscribed.