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21/05/2010
US Buyer Targets Troubled Quinn
There could literally be 'money from America' to bail-out the beleaguered Quinn Insurance.
Hundreds of jobs could be saved on both sides of the Irish border if, as a means of expanding its operations in Europe, one of the largest US insurance companies goes ahead with buying the Quinn business.
Liberty Mutual, the fifth largest home, motor and general insurer in the US, said that it had contacted the administrators of Quinn Insurance to express an interest in taking over the troubled company.
The firm operates a business in the International Financial Services Centre (IFSC) in Dublin and also has a small presence in Britain.
It has already contacted the joint administrators of Quinn Insurance, Michael McAteer and Paul McCann of accountants Grant Thornton, expressing an interest in the Cavan-based firm, according to today's authorative Irish Times.
Liberty has a track record of buying and restructuring struggling insurers trading in difficult conditions and running and managing them locally.
The company has no significant overlapping business with Quinn Insurance in Ireland or Britain.
If a takeover proceeded, the sale could leave the Fermanagh/Cavan-based insurer intact and minimise further job losses beyond the 902 sought from the 2,450-strong workforce.
The firm, which is owned by its policyholders, had assets of $109 billion last December. It employs 45,000 people in 26 countries.
Quinn ran into problems when the Irish Financial Regulator asked the court to put the insurer into administration after it discovered in March that guarantees were provided by Quinn Insurance subsidiaries as far back as 2005 on Quinn Group debts of €1.2 billion. The regulator said the guarantees reduced the firm's reserves, which protect policyholders against potential claims, putting 1.3 million customers at risk.
See: Quinn Chief Quits
Hundreds of jobs could be saved on both sides of the Irish border if, as a means of expanding its operations in Europe, one of the largest US insurance companies goes ahead with buying the Quinn business.
Liberty Mutual, the fifth largest home, motor and general insurer in the US, said that it had contacted the administrators of Quinn Insurance to express an interest in taking over the troubled company.
The firm operates a business in the International Financial Services Centre (IFSC) in Dublin and also has a small presence in Britain.
It has already contacted the joint administrators of Quinn Insurance, Michael McAteer and Paul McCann of accountants Grant Thornton, expressing an interest in the Cavan-based firm, according to today's authorative Irish Times.
Liberty has a track record of buying and restructuring struggling insurers trading in difficult conditions and running and managing them locally.
The company has no significant overlapping business with Quinn Insurance in Ireland or Britain.
If a takeover proceeded, the sale could leave the Fermanagh/Cavan-based insurer intact and minimise further job losses beyond the 902 sought from the 2,450-strong workforce.
The firm, which is owned by its policyholders, had assets of $109 billion last December. It employs 45,000 people in 26 countries.
Quinn ran into problems when the Irish Financial Regulator asked the court to put the insurer into administration after it discovered in March that guarantees were provided by Quinn Insurance subsidiaries as far back as 2005 on Quinn Group debts of €1.2 billion. The regulator said the guarantees reduced the firm's reserves, which protect policyholders against potential claims, putting 1.3 million customers at risk.
See: Quinn Chief Quits
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