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Quinn Insurance proposals would involve fund

Three proposals for the purchase of Quinn Insurance have now been submitted to finance minister Michael Noonan - with all requiring some use of the Insurance Compensation Fund.

Three options on the future of Quinn have been finalised by the administrators. All these options are understood to involve Quinn's legacy claims being absorbed by Ireland’s insurance compensation fund.

The bidders want to effectively make a new company out of Quinn Insurance, rather than continue operations under the current arrangements. This new company would avoid the buyer's having to take on any long-standing Quinn Insurance claims, which would be effectively dumped into the insurance compensation fund. The bidders are believed to include Anglo Irish Bank/Liberty Mutual and Zurich.

 

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Quinn Insurance proposals would involve fund
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