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QUINN GROUP AGREES DEAL TO ACQUIRE BUPA IRELAND
PRICE FREEZE COMMITMENT FOR 2007
300 FERMOY JOBS SAFE
NEW ENTRANT HAS STRONG COMPETITIVE TRACK RECORD
Quinn Group and BUPA announce that agreement has been reached for the purchase of BUPA Ireland Ltd. by the Quinn Group. This agreement will give the Quinn Group the expertise, systems and personnel to enter the health insurance market. It will facilitate existing BUPA Ireland members in getting the same quality service from the team in Fermoy to which they are accustomed. The Quinn Group has also announced that there will be no price increase during 2007.
The new arrangements will take a number of weeks to put in place. In the interim period, BUPA will accept new business and honour all existing contracts and renewals.
As a new health insurer, Quinn Group will be exempt from Risk Equalisation payments for three years. The Quinn Group will continue to honour BUPA Ireland's commitment to community rating and members will enjoy the same quality, service and value from Fermoy.
Quinn Group Chairman, Sean Quinn, said that the move was significant for the group. "We believe our agreement with BUPA presents an opportunity for real competition in the Irish Health Insurance Market. In all of our businesses, we operate in an open and competitive environment and we trust that the report of the review group established by the Minister for Health, Mary Harney TD, and other initiatives, will lead to a more open and competitive landscape in this market."
"Our announcement of a price freeze in 2007 demonstrates our commitment to delivering value to health consumers in the Irish market over the longer term. BUPA Ireland are a fine organisation who've brought innovation and choice to Irish consumers and we look forward to working with the team in Fermoy to grow the business."
BUPA Managing Director, Fergus Kee, said: "Our priority since the announcement that we were withdrawing from the market has been to secure the best alternative arrangement for our staff and customers. We tried until as recently as last week to achieve a compromise with Government that would have allowed us to stay. This was not possible. We believe the transfer of the business to the Quinn Group to be the next best alternative. We are proud to have brought competition to the Irish healthcare market. We regret being forced out because of the scale of the Risk Equalisation charges that were accruing but we are very pleased that this agreement with the Quinn Group will preserve competition, choice and continue the range of benefits available to BUPA Ireland members."
BUPA Ireland Managing Director, Martin O'Rourke, said: "The agreement with the Quinn Group is good news for our members. The Group is financially very strong and has a record of innovation in customer service and the capacity to compete strongly in the consumers' interest. The arrangements will take a short while to implement. In the meantime it will be business as usual in Fermoy. We will be available to help with new business, renewals and customer enquiries."
Ends 31st January 2007
Further information from:
Quinn Group
Wilson Hartnell PR / Brian Bell +353 1 669 0030 / +353 87 243 6130
BUPA Ireland
Gibney Communications /Donnchadh O'Neill +353 1 661 0402 / +353 87 205 6504
