Non-UK or Irish insurer sought with expertise to run Quinn

Anglo Irish Bank (AIB) wants to partner a foreign insurer to help run Quinn Insurance to overcome the Financial Regulator’s concerns about its ability, the Irish Times reports.

AIB and the outside insurer would share ownership of Quinn Insurance with the insurer eventually taking full ownership. AIB is seeking an established overseas insurance company with no existing operations in Ireland or Britain.

Anglo fears that the sale of Quinn Insurance to an outside party will damage the capacity of the Quinn family to repay €2.8bn in loans owing to the bank. The Quinn Group has warned that without the insurer the family will not be able to repay AIB.

40 firms interested

High Court-appointed joint administrators, Michael McAteer and Paul McCann of Grant Thornton. are preparing an information memorandum for circulation later this month to more than 40 insurance and private equity companies that have expressed an interest in buying Quinn Insurance.