Quinn Group to buy BUPA

One of Ireland’s richest businessmen today announced he has taken over BUPA Ireland.

In a shock development, Sean Quinn has bought the private health insurance company just weeks after it threatened to pull out of the country.

BUPA said last month it was withdrawing from the Irish market after a high-profile court battle with the Government over its risk equalisation scheme.

The controversial policy forced health insurers to compensate competitors with older clients.

Some 300 jobs in Fermoy, Co Cork, are expected to be saved following the intervention by the Quinn Group, whose headquarters in Fermanagh.

The Quinn Group 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.