Vasundhara Kamble said: “These reports are absolutely devastating. Employees have had a terrible few weeks and if this plan were to be implemented the consequences for people and for the area would be dreadful.
“My thoughts at this time are with employees at the company who are trying to take in what could be happening.
“I call on the relevant Ministers on both sides of the border to take swift action to ensure appropriate support is in place to assist anyone who may be affected by this. We also need to see the Irish financial regulator lift all restrictions on insurance trading to assist the company.”