Quinn buyer to be unveiled ‘within a fortnight’

The successful bidder for Quinn Insurance will be announced within the next two weeks, according to Irish press reports.

Quinn confirmed to Insurance Times that the sale process is progressing and a number of formal offers have been filed with Macquarie Bank, which is handling the sale on behalf of administrator Grant Thornton.

However, the insurer declined to give a precise timeframe or to name the suitors.

A statement from Quinn read: “The parties that have made the offers have formally asked us not to reveal their identity at this stage of the process.

“The administrators are continuing to engage with the various parties and this process is likely to continue over the coming weeks.”

The statement added: “Once a preferred bidder has been selected, the company will communicate as soon as possible thereafter to its staff, customers and all other relevant parties.”

The bidders include a joint venture between Anglo Irish Bank and US insurer Liberty Mutual.

A number of other companies are understood to be running their eye over the Irish insurer, including Zurich and Allianz.

Banking sources told the Irish press that the Insurance Compensation Fund, which could be used to plug deficits at the group as part of a break-up, is not part of the ongoing sale negotiations.

Quinn’s health insurance division has its own list of three potential suitors and could be sold separately from the general insurance business, according to The Sunday Business Post.