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Quinn Insurance may lose Quinn Health contract

Quinn Group

The saga of Quinn Health, the Irish health insurer, and its in administration parent Quinn Insurance rolls on.

 

If Quinn Health is sold to Irish Life & Permanent, it is unlikely that Quinn Insurance will continue to underwrite the insurance. But if Quinn Healthcare goes to a joint bid by nationalised Anglo Irish Bank and Liberty Mutual, the existing underwriting arrangements are expected to remain in place. The latter deal looks less and less likely as it could trigger criticism about the government's role in all three health insurance providers, since VHI is state-owned and will now be retained, and nationalised AIB owns a stake in Aviva Health. Anglo-Irish is also being run down and could be closed completely. The only logic for a deal would be that it would be one way for the bank to recover part of the 2.8 billion euros that Sean Quinn owes the bank. The brand name is unlikely to be retained by the new owner given the reputation hit Quinn has taken since its descent into administration last year.

International health insurance news: 31 March 2011