| Type | Privately Owned |
|---|---|
| Industry | Financial Services |
| Founded | 2007 |
| Headquarters | Little Island, Co. Cork, Ireland |
| Products | Health Insurance |
| Website | quinn-healthcare.com |
QUINN-healthcare was formed in February 2007 following a high-profile acquisition of the health insurer Bupa Ireland by the Quinn Group.[1] The newly formed QUINN-healthcare employs over 300 personnel in Little Island, County Cork[1] and has embarked on a significant drive to increase its profile and share of the Irish Health Insurance market.
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QUINN-healthcare was formerly BUPA Ireland. BUPA Ireland entered the private medical insurance market in Ireland in 1997 ending the VHI Healthcare monopoly which had existed for almost 40 years following the opening of the health insurance marked in Ireland in 1994.[2] In December 2006 BUPA Ireland announced that it would be leaving the Irish Marked as the High Court remained the Risk Equalisation scheme unchallenged. BUPA Ireland argued it could not afford to make a cash transfer to VHI Healthcare as required under the risk Equalisation Scheme. After this QUINN Healthcare took over.[3]
As a new insurer, QUINN healthcare was exempt of the Risk Equalisation payments for three years which was the normal concession granted to any new marked entrant.
In 1994 the Supreme Court ruled that the Governments Risk Equalisation specifications were incompatible with the Health Insurance Act 1994 and must be set aside. But the new Health Insurance (Miscellaneous Provisions) Bill December 2008 proposed new scheme of levies on all health insurance members to be used to fund a new system of tax credits for those over 50 who have private medical insurance.[4]
As of 2011, QUINN-healthcare has 1.3 million members members and announced a price freeze for 2007. Quinn Group chairman Sean Quinn announced in April 2007 that he intends to develop a new office facility in Little Island, County Cork that will hold up to 800 staff extending the workforce by 500.[1]
Since late 2009, the future of the entity has come into question, as its holder, the Quinn Group, fell into administration, and is looking to sell off its insurance assets in the UK and Ireland.[5]