Liberty Insurance has announced 285 job cuts. 

Workers in Dublin, Cavan and Enniskillen were informed of the decision today and the company says it is hoped the redundancies can be achieved on a voluntary basis.

In a statement Liberty Insurance says it is entering the Northern Ireland and Britain market through the aquisition of renewal rights to policies written there by Quinn Insurance.

It says that move has succeeded in securing 415 jobs at the company but that a decline in the market means redundancies are also necessary.

The company currently employs nearly 1,500 staff.

Dublin & Cavan biggest reductions

It says it expects there will be 140 redundancies in Dublin, 75 in Cavan, and 70 in Enniskillen.

A consultation period of 30 days between management, employees and the employee representative body will now get under way.

Patrick O"Brien is Chief Executive of Liberty Insurance.

"A year after acquiring the business we have decided to make the right decision to position us for sustainable profitability and to protect in excess of 1,100 jobs remaining" he said.

"We are fully committed to the Irish business, will continue to invest in our business, and believe that our arrival has been positive for the Irish Insurance market and consumers" he added.

The firm says the move follows a review of the market entry moves and its cost base.