Preferred bid expected by the end of January

Zurich Insurance is one of the final two bidders for Quinn Insurance alongside a combined bid from Anglo Irish Bank (AIB) and Liberty Global, the Irish Examiner reports.

The preferred bidder is expected to be announced by the end of January.

AIB is owed €2.8bn by the Quinn family and formally joined the bidding for Quinn shortly before the September 2010 deadline.

A Goodbody Stockbrokers spokesman said: "Until we see details of the actual deal, it is unclear what the effect will be on the Irish market. However, comments from Quinn — while under administration — that premiums would be increasing, may be a sign that the business will be run on a more sustainable footing going forward."


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