Those are the words of the man who is responsible for paying the medical bills for over 1.5 million Irish people. Unusual choice of phrase for a person of his importance in the health system, Vincent Sheridan has been group chief executive for VHI Healthcare for six years now.

"I know a hell of a lot more about it now then when I first started of course, but my background is accountancy, If I wanted to be an expert in that I would have become a doctor, " he reveals to the Sunday Tribune in the plush surroundings of Dublin's Merrion Hotel.

It has been a tough week for the former Norwich Union CEO, not that you would know by his demeanour as he tip-toes his way through yet another media interview. This morning he had a board meeting which was followed by a "very robust" afternoon meeting with the minister for health and evening appearances on all the major news programmes.

"I get popular about once a year, " he jokes.

"Hopefully I'll get through this without saying anything I don't want to."

The previous day saw the publication of the Barrington report, the last of three reports commissioned by the government that recommend changes to the private health insurance market.

His boss and VHI's sole shareholder, the minister for health, brought proposals to cabinet taking 20% of the company's risk equalisation payments away, brought forward their plan to reach solvency requirements by four years, to the end of 2008, and said she was "open to new attitudes" regarding the future ownership and structure of the company.

It was something, Sheridan says, that took his team by surprise.

"She [the minister] brought the proposals to government prior to telling us so we were fighting something of a losing battle from the start, " he says.

The company now needs a major injection in capital with premiums set to rise and 'I a restructuring of the ownership likely to be on the cards. Many options are being mooted such as the flotation of VHI, privatising up the company, borrowing the money or even getting it from the state. How does Sheridan think the company will find the necessary funds?

"Well that is the dilemma, " he says. "There are a number of different options. If we can get the solvency requirements down from 40% to 30% then it won't be a major problem, " he says.

Currently VHI are exempt from keeping 40% of their reserves as part of solvency requirements but that will now change next year rather than originally planned in 2012.

However the priority for him in any future ownership change is that the non-profit values of the company remain unchanged.

"There are a number of different options available to us. The problem with some of them, like floating the company, is that the notfor-profit ethos will not remain, " he says.

Although there may be some financial gains it is clearly not the option which the CEO views as desirable and would probably increase premiums in the long-term.

"There may be some short-term gain from floating VHI but I'd expect in the longer term that would have a negative impact on premiums and they would probably go up, " he says.

The potential future ownership and structure of the company is something he has "very strong views on" but is not prepared to discuss. Although when pressed he indicates that changing the ownership to members and having a mutual company run on a nonprofit basis is something he "hopes will be discussed as an option".

"I think it would be wrong for me to say what my views are. We will be participating in these discussions. I better go into these without having a defined position. As an organisation we listen to our members. I have very strong views of my own, " he says.

ST: "What are those views?"

Pause VS: "No. It's better that I don't make them public pending what are going to be lengthy discussions in 2008."

ST: "Do you want to keep the status quo then?"

VS: "I won't answer that."

ST: "Why not?"

VS: "Because I better notf because thef no, I won't go down that road."

Pause.

"Let me just say this. Long before this issue ever arose, the idea was put forward that VHI might become owned by its members, but remain not for profit."

ST: "Mutualisation?"

VS: "Yes, mutualisation. That's one of the options that I hope will be discussed but not mutualisation as was mentioned in the Barrington report."

ST: "Is that your preferred position?"

VS: "I am not adopting any position on it."

ST: "Even though you are chief executive of the company, you are not going to adopt a position?"

VS: "Oh I have a position and I do have strong views on it but I'm not going to tell you."

The friendly Dublin-native is one of the few company leaders that whenever he looks out of his office window, four out of every ten people he sees are one of his customers.

What is it like to wake up every morning knowing you have a market-share of 75%-80% and the envy of almost every private sector CEOs? It's not something Sheridan seems to even notice.

"You know it never even occurred to me, " he quips. "You never think along those terms.

We have strategies in place to push the agenda forward. That's what you think about. It never dawned on me to think like that."

Is that not a comfortable position to have?

"It's not, not at all. It's actually the most exposed position you could have because everybody is aiming to have a go at your market, " he added.

As the minister says she is open to new attitudes when it comes to ownership, Sheridan also issues a hands-off warning to private companies eyeing up a potential buyout of the state insurer "There is no for-sale sign on the company.

Breaking up the VHI is a nonsensical idea, " he says defensively, dismissing the expression of interest that companies such as financiers Friends First have made in VHI. They are wasting their time, he insists.

"I know Adrian Hegarty [Friends First CEO] of old. I phoned him up after he said this.

He said he was asked about it and had to say something. I challenge you to ring him and ask him if he seriously believes that could happen."

Now the VHI have to face the regulatory challenges as well as heated competition from Ireland's richest businessmen, Sean Quinn. His track record is not something that Sheridan says he's worried about.

"I'm not doubting they have been successful in general insurance but they have a long way to go to prove they can be as efficient as us, " he says while he cheekily grins.

The most immediate priority for Vincent Sheridan is pressurising the government to reverse the plans announced this week to reduce VHI's income from risk equalisation payments from their competitors.

The general regulatory environment of private health insurance has been top of the company's agenda right throughout his tenure so far.

"The speed of trying to get things to happen in the political world is far different from getting things to happen in the private world and that can be frustrating."

"I am definitely more of a business man then a public servant."

CV

VINCENT SHERIDAN
Age: 58
From: Grew up on the North Circular Road in Dublin and now living on Baggot Street
Married to: Aileen with four grown-up children: Risteard, Helen, Hugh and Eoin Educated: Blackrock College and trained as an accountant in UCD
Career: Joined VHI Healthcare in 2001 and was previously group CEO of Norwich Union Ireland for ten years. He is currently vice-president of the Institute of Chartered Accountants in Ireland and a council member of the International Federation of Health plans and the Financial Reporting Council in the UK.
He was also a former director of the Irish Stock Exchange.
Hobbies: Golf and Rugby