Zurich, Anglo eye Quinn Insurance
While Anglo has been linked for some time with some kind of approach for the entire Quinn Group — due to the nationalised bank being owed €2.8bn by the Quinn family — it only formally joined the race to take control of QIL hours before the final deadline for expressions of interest last September.
At that stage, it was thought that between 20 and 30 Irish and international insurance companies were interested; but a shortlist of around four players (including the aforementioned names and Allianz and Travelers Insurance) was speculated upon.
The formal sale of QIL — nearly 10 months after it went into administration — seems to be nearing completion; with a preferred bidder expected to be named before the end of January. However, given the need for regulatory approval, the actual completion of a deal may push the issue further into the new year.
While both Quinn’s administrators and Australian investment bank, Macquarie — which is overseeing the sale process — have been declining to comment on the matter; the number of bidders, their identities and the fact only one might be standing within a couple of weeks seems to be the case.
Slightly less clear has been whether or not QIL would be sold as a single entity or broken up with its assets sold separately. Recent reports suggested that bidders were divided in terms of what they wanted — some looking for customers and not future claims and others wanting the full business.
What new ownership will mean for Irish policyholders remains to be seen.
“Until we see details of the actual deal, it is unclear what the effect will be on the Irish market. However, comments from Quinn — while under administration — that premiums would be increasing, may be a sign that the business will be run on a more sustainable footing going forward,” according to Ken Darmody of Goodbody Stockbrokers.
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