NEW Ireland managing director Mr Jack Casey has moved to dismiss speculation of an imminent buy out of the group's shares by its. majority owner, the French insurer, Union des Assurances de Paris (UAP).
Speaking after the company's annual general meeting in Dublin yesterday, Mr Casey stressed that such a buy out has not been discussed and was not likely to be raised in the short term.
The speculation follows the decision by Sun Life and Provincial Holdings which were recently taken over by UAP to seek a listing on the London Stock Exchange.
Mr Casey insists the imminent flotation does not mean that UAP will he anxious to buy out the minority shareholders in New Ireland Holdings. UAP, he said, would. "think carefully" before buying out the Irish shares.
"A quotation of the frisk stock Exchange is not something to be put inside lightly," Mr Casey said.
Speaking to shareholders at the meeting, the managing director reported good growth in its life assurance business, with particularly strong sales of pension products so far this year.
New motor insurance business, however, has fallen, following a more selective" strategy by the company, he said.
"New Ireland is not chasing volumes in the motor insurance industry" he told shareholders.
Mr Casey, who is also the group's acting chairman, indicated that a new chairman would be appointed "as soon as possible". He said he was "uncomfortable" with his dual role, which he has held since the death of former chairman Mr Des Traynor in 1994.
Mr Casey said the company had deferred making a new appointment until the new structure of the UAP group, following its recent acquisitions, had been "bedded in".
