Merger won't affect conditions of Liberty Insurance workers, court told

Liberty Insurance DAC, a subsidiary of the US-based Liberty Mutual group with offices on Dublin Road in Cavan, sought High Court approval for a cross-border merger with Spanish entity Liberty Seguros Compania De Seguros Y Reaseguros SA. The merger, heard in the Commercial Court, forms part of the group's plan to consolidate its Irish, Portuguese and Spanish insurance operations. The company told the court that approximately 400 Irish employees will not experience changes to their terms and conditions following the proposed merger. Workers will retain current labour conditions, rights and benefits, the court was informed. Liberty Insurance DAC, which acquired Quinn Insurance in 2011, currently holds approximately two million policies and net assets of €217.7 million. As part of the scheme, the Irish entity's business and remaining assets will transfer to the Spanish company, which will also merge with Liberty Portugal. Mr Justice Robert Haughton admitted the application to the fast-track commercial list and adjourned the matter to October.