Several bidders not prepared to buy entire company, claims report
Bidders for Quinn Insurance are reluctant to buy the entire company after expressing fears over outstanding claims, the Irish Independent reports.
The paper said several of the five short-listed firms are not prepared to buy Quinn Insurance outright, particularly its outstanding claims, while others are now seeking State protection if these claims exceed forecasts.
It also understands that Anglo Irish Bank is keen to snap up the entire company, but others maybe reluctant to buy the whole business intact due to questions over who will absorb the long-term cost of the claims , which amounted to €1bn at the end of 2008.
Some bidders only want to buy the existing customer base, it added.
No comments yet