Bank's bid in partnership with Liberty Mutual
Anglo Irish Bank has submitted a final version of its plan to takover Quinn Insurance to the National Treasury Management Agency (NTMA), according to The Irish Independent.
As few as two bidders are thought to be left in the running in the battle to buy Quinn Insurance. Zurich has also been linked.
The plan submitted to the NTMA is believed to involve Anglo buying Quinn in partnership with US insurance giant Liberty Mutual.
The bid includes an upfront injection of about €600m in cash, which includes a "significant" contribution from Liberty, the report said.
However it added that recent attempts to revive a deal between Anglo and the Quinn family, which the Quinn family said would save maximum jobs at the insurer, have failed.
The NTMA is reviewing Anglo's bid because it has delegated responsibility for overseeing the state's interests in banks, including nationalised Anglo.
If given the green light by the NTMA, Anglo's bid must also be approved by regulatory authorities at the Central Bank of Ireland.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet