Great News!

Statement from QUINN-healthcare (23rd December 2011)

QUINN-healthcare has confirmed today that talks have been successfully completed which has led to the sale of the company. In a statement issued today on behalf of QUINN-healthcare, management confirmed that a bid by senior management enabled by Swiss Re as the reinsurer has been successful.

This agreement protects the second largest health insurer in Ireland which has nearly 500,000 members and secures the jobs of 330 team members in Cork. This agreement reinforces competition in the market, which will be welcomed by consumers.

Dónal Clancy, Managing Director of QUINN-healthcare, said “This is great news for our members and the QUINN-healthcare team alike.  Since the company was acquired from BUPA in 2007, it has operated as a largely independent entity.  This independence will be further confirmed by the sale to members of the management team, which will also be accompanied by the appointment of Elips Life (a wholly owned subsidiary of Swiss Re) as the underwriter.”

The management team behind the bid have huge experience in the healthcare industry both in Ireland and internationally and most have in fact been with the company since it originally launched in Ireland as BUPA Ireland in 1996.

Dónal Clancy continued “With the combined experience of our team and the underwriter Elips Life, part of the highly capitalized global reinsurer Swiss Re, we are very well positioned to drive even further competition in the market and bring increased innovation and value.

Head of Life & Health Origination, Europe, Middle East and Africa at Swiss Re, Bruce Hodkinson, said: “With our global stature and experience in life and health insurance we see this as an excellent fit with our business and we’re pleased to be able to support the management of QUINN-healthcare with a reinsurance solution that helps to provide long-term security to the policyholders and employees of the company."

Mr. Clancy emphasised that it would remain business as usual for QUINN-healthcare customers, while a natural transition to a new brand will take place over the coming months, planning is well underway and customers can be confident that this transition will  be seamless and there will be no changes to the terms and conditions of their cover.

He concluded by saying “I would like to personally thank all of our customers for their continued loyalty and to pay a special tribute to the QUINN-healthcare team members for their commitment, dedication and hard work over this period. We can all now look forward to next year with renewed optimism and a fresh start. We welcome any questions from our customers who should call us in Cork on 1890 700 890 or visit www.quinn-healthcare.com . I would like to take this opportunity to ask all our members to Take Care, have a Merry Christmas and a prosperous 2012.”

Ends

For further information place contact:

Colette Campbell at Wilson Hartnell Public Relations – 01-669 0030 or colette.campbell@ogilvy.com

Questions?

I've heard on the news that QUINN-healthcare has been sold, is this correct?

Yes, we are delighted to announce that talks have been sucessfully completed which has led to the sale of the company. The business has been bought by our experienced Cork based senior management team and it is business as usual for us and our half a million members.

What impact does this have on QUINN-healthcare members?

There is no impact on you. You don’t have to do anything, your policy continues as normal.  It is business as usual here and we continue to sell and renew policies and pay claims in the normal way. There will be no changes to the terms and conditions of your cover.

Who is your new Underwriter – can you tell us about them?

The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of 56 offices globally and is rated "AA-" by Standard & Poor's, "A1" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com

Will there be any issue if I am claiming during the sale process?

No, there will be no impact on your claims due to the sale process.  You can claim as normal whether it is for an inpatient stay or for everyday expenses – nothing has changed.

What will you be called now?

It is business as usual for QUINN-healthcare customers and we will continue to be called QUINN-healthcare in the short term. A natural transition to a new brand will take place over the coming months with planning for this well underway.  You can be confident that this transition will be seamless and there will be no changes to the terms and conditions of your cover.

Any other questions?

If you have any other questions, please feel free to contact us in Cork on 1890 700 890 or email info@quinn-healthcare.com.