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Daily Insurance Industry News
Monday 11th of December 2017
January 17, 2011

Zurich tipped to acquire Quinn

by Gill Montia

Story link: Zurich tipped to acquire Quinn

Zurich tipped to acquire Quinn

Ireland’s “Sunday Tribune” has named Zurich as the insurer most likely to acquire the failed Quinn Insurance.

Quinn was placed in administration in March 2010, the Irish Financial Regulator having raised concerns about the group’s finances, given that its subsidiaries had made guarantees reducing the value of the company’s assets by €448 million.

A joint offer by Anglo Irish Bank and Liberty Mutual of the US has since emerged but according to the newspaper “faces significantly regulatory hurdles”.

The Sunday Tribune also reports that Anglo Irish wants to acquire Quinn to enhance its chances of securing repayment of €2.8 billion lent by the bank to Seán Quinn and his family.

Administrators, Grant Thornton, are expected to name a preferred bidder in the weeks ahead.

 

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