14 April 2011
The Central Bank of Ireland notes the announcement by the Joint Administrators on the preferred bidder for Quinn Insurance Limited (QIL) (under administration). The proposal is still subject to formal regulatory approval. However, the Joint Administrators have been keeping the Central Bank appraised throughout the sale process.
The Joint Administrators have announced that the proposal of the preferred bidder is that a new insurance company will be established, subject to Central Bank approval. This company will be majority owned by Liberty Mutual, the 5th largest insurer in the USA. It is also proposed that Liberty Mutual will provide the management and insurance expertise. Anglo Irish Bank will retain a minority shareholding in the new firm but will have no dealings in the day to day management of the new company.
This announcement does not affect policyholders of QIL, Quinn Healthcare (QHC) or Quinn Life Direct (QLD). Policyholders of QIL, QHC and QLD can continue to renew policies, take out new business and make claims in the normal way.