Published Thursday, 15 November 2012
The Headquarters of Liberty Insurance, formerly Quinn Insurance in Cavan Town (© PA)
The company currently employs 500 people at its base in the Co Fermanagh town.
A further 140 job losses are expected at its base at Blanchardstown in Dublin, and 75 more in Cavan Town.
Staff were briefed on the news during meetings on Thursday. Liberty Insurance said it hopes most of the redundancies will be voluntary.
My department and Invest Northern Ireland will continue to work closely with the company moving forward and assist where possible with the future development of the business in Fermanagh
Enterprise Minister Arlene Foster
Patrick O'Brien from the company said the volume of the UK business had declined sharply over the past few years.
He continued: "We have achieved much in our first year in the Irish market and during that time have maintained staff levels that reflected the size of the business prior to acquisition whilst we examined the options for market entry into Northern Ireland and GB.
"However, a year after acquiring the business, we have decided to make the right decision to position us for sustainable profitability and to protect in excess of 1,100 jobs remaining.
"We are fully committed to the Irish business, will continue to invest in our business, and believe that our arrival has been positive for the Irish Insurance market and consumers."
Responding to the announcement, DETI Minister Arlene Foster expressed her regret and said she will continue to work with the company going forward.
She said: "Today's news is extremely regrettable, not only for those who will potentially be impacted by the redundancies, but for Fermanagh and the wider economy.
"Having spoken with the company today, I understand that these redundancies are part of Liberty's plans to stabilise the business and set strong foundations for the future. I'm told the decision to enter a consultation period was a difficult one but it follows many months of assessment and close examination of the business to determine the most viable way forward."
Management, employees and the employee representative body will work together during a consultation period which will last for 30 days, following the staff briefings.
© UTV News