THE Sean Quinn Group, which earlier this year set up a direct general insurance business, is preparing to open a life assurance company.
The Fermanagh-based cement, hotel and insurance group, has indicated that it will be applying for a licence to operate a direct life assurance company.
The new company will offer life and pensions products. It will be part of the Quinn-direct insurance subsidiary, which is based at Cavan town, and has an office in Dublin.
Quinn-direct sells directly to the public by passing brokers and agents it is a tele-sales operation which employs around 15 people selling general insurance products in the Republic and North of Ireland.
It is not clear whether the group will operate its new life assurance business on a stand-alone basis or whether it will bring in a partner. It will also need to link-up with an investment manager for its insurance funds.
Quinn-direct offers commercial property, liability and motor and household insurance and is one of about 30 companies currently selling these products in the Republic.
Quinn-direct is part of Mr Sean Quinn's extensive business interests. His group has five cement factories in Derrylin, Co Fermanagh, plants in Galway and Longford.
