Quinn Insurance's UK motor book could be sold on the open market before the end of 2012.
Liberty Mutual Direct Insurance Company (LMDI), the company formed by administrators for Quinn, has first refusal to bid for the motor book.
A spokesman for the administrators said: “In the event LMDI does not wish to take the book we will consider our options re a sale of renewal rights."
The spokesman added that whatever happened to Quinn's motor book, any UK claims would remain with Quinn and be managed by the LMDI.
LMDI will manage the UK book for Quinn, which will remain under administration, until December 2012.
The deal to buy Quinn was signed last week, with Liberty Mutual spearheading the takeover.
The deal is expected to be completed in 12-14 weeks subject to green lights from Irish and European regulatory authorities.
Liberty Mutual now owns 51% of the business and 49% is owned jointly by Quinn Insurance Limited and Anglo Irish Bank.
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