Job losses at Donegal insurance company

One of Donegal's biggest insurance companies announced today it is restructuring its operations, with the equivalent 3.5 jobs being shed out of a total of 36.

Top Quote Direct in Letterkenny says since 2005, the General Insurance Industry in Ireland has experienced an 18% drop in premiums and like most businesses has also been affected by the downturn in the economy.

The Managing Director, Mr. Carl Rainey, regrets the course of action in having to make positions redundant but believes the course of action is absolutely unavoidable.

He is confident that the Industry will stabilise over 2011 and should return to growth again in the latter part of the year. He is also confident that the streamlined organisation in Letterkenny will be better positioned to develop and grow going forward and will have a viable and sustainable future.