Quinn family confident of plan

QUINN family representatives are confident that their development plan for Quinn Insurance will win out against a rival joint Anglo Irish Bank/Liberty Mutual bid, under the new government.

“We feel we do have a strong chance that our proposition could be considered after the change in Government and we feel that we will prevail,” a source close to the Quinn family said yesterday.

While international investment bank Macquarie — which is in control of the Quinn Insurance sale process — was expected to name a preferred bidder by the end of last month, the immediate future development of the insurance business has been put on ice until after the election and the formation of the new government.

While it is understood that the shortlist for Quinn Insurance consisted of the Anglo/Liberty consortium and Zurich Insurance, a proposition from the Quinn family is a third possibility.

Although the administrators at Quinn Insurance recently denied that any family proposal had been sent to them and that no such proposal had the support of Anglo Irish Bank — which is owed €2.8bn by the Quinn family — the third option seems a viable alternative.

The family is proposing that all profits generated by Quinn Insurance over the next seven years would go directly towards paying off the Anglo Irish/taxpayer debt, along with proceeds from a planned sale or public flotation of the insurance provider.

The family would also put an independent board — comprising experienced business people from Ireland and Britain — in direct charge of Quinn Insurance and is claiming that their option is the only one of the three which would safeguard against any further jobs losses across the business.

The family also claims to have gained considerable cross-border and cross-party support on the issue.