Quinn Insurance transfer by Oct 7

THE transfer of the Quinn Insurance group to US insurance giant Liberty Mutual is expected to be completed by October 7 next, the High Court was told yesterday.

In their 8th interim report to the court since they were appointed joint administrators to Quinn in March last year, Michael McAteer and Paul McCann said the losses at the company had been stemmed and the operation is profitable. Profits before tax for the first three months of this year were €14 million and €24m for the first six months.

Bernard Dunleavy BL, for the joint administrators, told High Court president Mr Justice Nicholas Kearns in the latest report from his clients he wanted to highlight that it was now anticipated the sale of the company to Boston-based Liberty Mutual, in a joint venture involving Anglo Irish Bank, will be completed on October 7. However it will not be possible to complete certain regulatory and operational matters beyond the control of the administrators by that date, counsel said.