Quinn ‘teaser’ sent to bidders

Potential bidders for Quinn Insurance have been sent a seven-page "teaser'' about the company ahead of the full sales process, the Irish Independent reports.

The document contains details on the past five years of Quinn trading, pointing out that it only moved into the red in the past two years. It also includes details on market share in the Irish and UK insurance industries.

Firms must put forward a case as to why they should be allowed to progress to the next stage. Only four or five bidders are expected on to the final shortlist. Other interest has been described as highly speculative.

Shortlist

The full information memorandum will be issued on July 28 to those bidders Macquarie are satisfied are genuine. The sale is being handled by Macquarie staff operating out of London.

Since taking over the company earlier this year, Grant Thornton has managed to move Quinn Insurance back toward profitability. The UK business recently moved into profit on a week-by-week (or run-rate) basis for the first time this year. UK motor rates have risen 25%.