Irish Life Assurance acquires Quinn Life Direct’s life assurance and pension book

Brendan Burgess

Brendan Burgess

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[FONT=&quot]Tuesday 21st February 2012.[/FONT][FONT=&quot] Irish Life Assurance plc (“Irish Life”) announces that it has concluded an agreement with Quinn-Life Direct Limited (“QLD”) for the sale to Irish Life of the majority of QLD’s portfolio of life assurance and pension business. The sale, covering 5,000 policies, is expected to be completed by the end of 2012, subject to receipt of all necessary regulatory and court approvals. [/FONT]
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[FONT=&quot]QLD will be writing to its policyholders, in due course, to explain in greater detail the proposed transfer, the key dates and the time frame for implementation of the transfer. QLD will also inform policyholders in due course where additional information on the proposed transfer may be obtained.[/FONT]
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[FONT=&quot]Irish Life looks forward to welcoming the QLD policyholders following the proposed transfer and will write to the policyholders at that time.[/FONT]
 
Does this mean peope with Freeway fund policies will get moved over to Irish Life?

Should the move be viewed as positive or negative?
 
i would also like to know what the general view is on this move, is it better to cash in policy now or wait for the move to irish life, any views as i dont want to lose even more of my hard earned cash thanks in advance
 
I'm personally taking this announcement as the nudge I needed.

I'll be redirecting regular premiums to a new provider as soon as possible and will closely monitor how existing funds are to be managed

I have found the staff at Quinn Life excellent to deal with in relation to the day to day servicing of policies but quite the opposite when it comes to dealing with their management team. In my own experience, Irish Life are even worse when it comes to managing issues when things invetivably go wrong.
 
buster mammy said:
i would also like to know what the general view is on this move, is it better to cash in policy now or wait for the move to irish life, any views as i dont want to lose even more of my hard earned cash thanks in advance
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I don't think all of the practicalities of the move have been announced yet. But I would expect that Irish Life will continue to offer the same index-tracking funds as Quinn Life. As QL only offered index-tracking funds and Irish Life also have a range of index-tracking funds, I can't see Irish Life moving away from this.

So I would doubt that the move to Irish Life would result in any money being lost.
 
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