Quinn Insurance's joint administrator Michael McAteer has confirmed to staff that despite suggestions, no deal for the sale of the insurer has been completed or finalised.
“As I have stated previously there is no Quinn / Anglo proposal. There is no Quinn family proposal. I would like to clarify that the bidders we are currently negotiating with have submitted their proposals through the appropriate channels within the stipulated timeline. These comply with the set criteria, including evidence of ability to finance the transaction and be in a position to receive regulatory approval. It is important that to keep this process competitive with a number of parties at the table. The key objective is to avoid a scenario where there is no sale. It appears that there has been a suggestion that a deal has been completed. I can confirm once again no deal has been completed or has been finalised. We are seeking to negotiate the best deal subject to getting a sale completed.”
Quinn Healthcare is underwritten by Quinn Insurance, and despite over twenty potential buyers originally being interested, the favourite is a troubled Irish bank. Even if Quinn is sold, with the recent drastic costs in Irish healthcare and the unusual requirement in Ireland that health insurers must offer equal prices to old and young- the buyer may not want to continue offering Irish health insurance.