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Swiss insurer Zurich to take Quinn Insurance out of administration?

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According to The Sunday Tribune the Swiss insurer Zurich is now the favourite to take Quinn Insurance out of administration because a joint offer by Anglo Irish Bank and Liberty Mutual faces significant regulatory hurdles. Administrators are opposed to Anglo's involvement due the bank's lack of insurance expertise and its chequered regulatory history.

 

Previous owner Sean Quinn has confirmed that he and his family would be happy to set aside all financial interest and all influence in the insurer he founded.

 

Anglo Irish Bank's bid for Quinn Insurance has not yet got a sign-off from the authorities as the bank has yet to make a final submission, as the Anglo plan has to be rethought without involving the Quinns, while other proposed partner US insurer Liberty Mutual remains silent. Irish authorities would prefer the insurer to be sold to a party that has no history of being embroiled in Ireland’s recent financial mess.

International health insurance news: 27 January 2011