A spat over a new insurance product has led to one of the country’s largest insurance companies, which operates more than 5,000 sites, to declare bankruptcy and close its doors.
The Insurance Company of Ireland (ICI) has been struggling with a range of issues, including a growing cost of covering claims.
This has led it to lay off workers, cut wages and suspend new contracts.
The company, which has been operating since 1851, is the countrys biggest employer.
“We have had some hard times, but we have made progress in our business and the future is bright for us,” said David Fenton, the head of the company’s Irish operations.
“It is our duty to our customers to continue to support us, but it is also our responsibility to our shareholders to make the necessary changes to our business plan and to manage our costs.”ICI is the largest employer in the country, with almost 12,000 employees.
Its assets include over 2,200 insurance companies and nearly 100,000 property and casualty insurers.
The Irish Times understands that in the wake of the bankruptcy, ICI’s chief executive, Kevin O’Brien, announced that the company would not offer new policies for the foreseeable future.
It also announced that it would be cutting its staff by 1,300 and cutting back on services and other services to help the company meet its debt obligations.
The company is the subject of a lawsuit over the insurance products and services it offers, which have come under criticism from unions, insurers and the public.
The dispute between the companies stems from an insurance product called the Personal Guarantee that is being marketed by ICI.
This offers customers insurance on their own property or a company property.ICI’s flagship product, the Personal Insurance Protection, is a key part of the firm’s business.
This means that the firm is able to offer a guarantee that its policy will cover all losses on your property, and a guarantee of a guarantee for the property that you own.
In its bankruptcy filing, the company said it could not afford to offer the Personal Protection because it was “not able to generate sufficient returns on our investment” and it could “no longer provide adequate protection for our clients”.
It said that it had also reduced the amount of its policyholders would pay for the Personal Protective Protection from 20% to 5% over the next three years.
The amount of that reduction would depend on the amount that was recovered from the insurer over that period.ICi said that the “risk of loss on the property or the company that you are insured with” was an “important factor” in deciding the amount it would offer its policy.
It said it would not “negotiate a policy that would result in a loss on your own property, or an amount on your personal property that is less than the amount you are entitled to receive on your insured property”.ICI also said that while it could provide a guarantee to a person against loss on a company owned property, it could only do so if the policyholder was at least 16 years of age and had been an active employee of the insurer for a minimum of three years and paid an average annual salary of €80,000.
It also said it was not providing an insurance guarantee for property that was “in the control of the owner”.
“This is a situation that is not easily resolved, and our clients have expressed concerns that this might lead to claims being incorrectly claimed, which could have an adverse impact on their businesses,” ICI said.