Family bid for Quinn could triumph

The Quinn family is confident that it can beat off rival bids for Quinn Insurance, the Irish Examiner reports.

The shortlist of bidders for the troubled insurer is believed to include Zurich Insurance and a consortium of Anglo Irish Bank and Liberty Mutual. However, it emerged recently that Quinn Insurance founder Sean Quinn had thrown his hat into the ring.

A source told the Examiner that the Quinn Family felt there was a strong chance its proposal would be considered and that it would prevail against the rival bidders.

The news closely follows the revelation that the bidding process will be stalled until after Ireland's general election.

According to the Examiner, The Quinn family proposes that all profits generated by Quinn Insurance over the next seven years, along with proceeds from a sale or initial public offering, would go directly towards paying off the €2.8bn the family owes Anglo Irish Bank. The family would also install an independent board at Quinn Insurance.

The family claims its bid is the only one that woudl protect against further job losses.

However, Quinn's administrators have reprtedly denied receiving a family proposal, saying that no such proposal had the support of Anglo Irish Bank.