Quinn Insurance bid talks to start 'in weeks'

The administrators of Quinn Insurance will send an information memorandum to parties interested in buying parts of the Irish insurance business in the next four to six weeks.

Paul McCann and Michael McAteer of Grant Thornton, appointed at Quinn Insurance last week, have already issued formal expression of interest notices to up to 30 interested parties.

A spokesman for the administrator said it is currently collating information on the business in preparation for the information memorandum being released.

Anglo Irish Bank has previously submitted proposals to take control of parts of the Quinn Group, while insurers includes AXA, Allianz, RSA and Irish firm FBD have also been touted as buyers.

Meanwhile, the decision to allow Quinn to begin writing some business in the UK is now fully in the hands of the Irish Financial Regulator. The administrator has passed all relevant information over to regulator Matthew Elderfield, who is expected to announce his decision imminently.