US insurer submits joint bid with Anglo Irish Bank

US insurance giant Liberty Mutual is understood to have submitted a joint bid with state-owned Anglo Irish Bank to buy Quinn Insurance.

As the deadline for the second-round bids finished last week, insurers Travelers, Zurich and Allianz were all thought to be interested.

A preferred bidder for Quinn could be announced before the end of the year, according to newspaper reports in Ireland. The bidding process is being handled by Macquarie Bank.

The insurer fell into administration in April on the orders of the Irish financial regulator, which had become concerned about the Quinn Insurance’s solvency.

Quinn’s UK business was closed down, apart from a small book of private motor.

Meanwhile, debt restructuring talks continue with the syndicate of banks and bondholders owed €1.3bn (£1.1bn) by the Quinn Group.