Saturday 24 March 2018

Deeply painful losses may be just tip of the iceberg

Insurance is a tough business at present with tight margins and rising claims

FINANCIAL fortunes are painstakingly built up over decades, but often destroyed in a matter of months. A year ago, Sean Quinn and family were reported to be worth €2.5bn, employing 6,121 people at sites all over Ireland and the UK.

Yesterday the net worth of Quinn and family had a minus in front of it and the company was employing just over 5,000 people, with the danger lurking that more staff may yet have to go.

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