Quinn Insurance bidder to be identified before end of month
The administrators of Quinn Insurance have informed the High Court that they hope to have identified a preferred bidder, that will purchase the group, by the end of the month.
The court was also informed in a report from the joint administrators Michael McAteer and Paul McCann, of Grant Thornton, that new directors have been appointed to the board of Quinn, that the insurer's performance in the UK market was better than expected and that Quinn no longer provided insurance to cover solicitors.
Today Bernard Dunleavy Bl for the administrators, in presenting their latest report to the President of the High Court Mr Justice Nicholas Kearns said "significant progress" has been made and "the end was in sight" in relation to finding a buyer for the insurance group.
Merchant bankers Macquarie Capital Europe Ltd, were hired to help sell the group. They had originally identified 90 prospective buyers for Quinn.
Counsel for the administrators, who have been running the group since the Financial Regulator put the insurer into administration in March, informed the court that the number of proposed buyers had been narrowed down to a small number of bidders.
The identity of parties involved in the latter phases of that process have not been being disclosed publicly. However it is understood that an announcement will be made in regards to the identity of the preferred bidder, once that party has been selected.
Counsel said that his clients are happy with the way that the administration process has been progressing.
The administrators, counsel added had managed to stabilise the business to a position where it will be an attractive proposal for purchase, the court heard. Quinn, the court was informed, has more than 573,000 active policies and more 26,000 open claims.
