US insurance giant tells administrators it is interested in buying business
US insurance giant Liberty Mutual is interested in buying Quinn Insurance, according to latest reports.
The fifth largest personal lines insurer in the US said it had contacted administrators of Quinn with a view to buying the business, the Irish Times reports.
A spokesman for the company confirmed it had contacted the joint administrators of Quinn Insurance, Michael McAteer and Paul McCann of accountants Grant Thornton, expressing an interest in the Cavan-based firm.
Liberty has a track record of buying struggling firms and turning them around.
Liberty is one of 40 parties, including State-owned Anglo Irish Bank, large international insurers and private equity firms, to have expressed an interest in the firm.
The administrators are compiling an information memorandum to be circulated to the interested parties next month.
