Proposals for the purchase of Quinn Insurance have now been submitted to Irish Finance Minister Michael Noonan
Three proposals for the purchase of Quinn Insurance have now been submitted to Irish Finance Minister Michael Noonan -- with all of them requiring some use of the Insurance Compensation Fund, according to the Irish Independent.
The administrators running Quinn Insurance, Grant Thornton, have requested a meeting with Mr Noonan who has the final say on which structure the deal will be based on.
Three options on the future of Quinn have been finalised by the administrators. It is understood these options would involve Quinn's legacy claims being absorbed by the country's insurance compensation fund.
It is understood the bidders want to effectively 'scoop' a new company out of Quinn Insurance, rather than continue operations under the current arrangements.
This new company would avoid the buyer having to take on any long-standing Quinn Insurance claims.
The remaining claims would be managed within Quinn Insurance Limited, which could then be funded by the Insurance Compensation Fund if needed.
Bidders include Anglo Irish Bank/Liberty Mutual and Zurich.
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