Liberty Mutual to pump €102m into QIL

US insurer, Liberty Mutual has agreed to pump €102 million into Quinn Insurance (QIL), upon taking control of the bulk of the loss-making company.

The formal takeover agreement for QIL was signed yesterday, less than a month after the joint venture of Liberty and Anglo Irish Bank was awarded preferred bidder status.

QIL’s main business streams will be bought by Liberty Mutual Direct Insurance (LMDI) — a joint venture, 51% owned by Liberty Mutual and 49% owned by JV Newco (a mix of QIL and Anglo Irish Bank). The latter element of the venture will invest €98m into the business; which is expected to lose its Quinn Insurance name and gain a new brand name within the next few weeks.