The sale of Quinn Insurance Ltd to the Liberty Mutual/Anglo Irish Bank joint venture was put in jeopardy as a result of under-reporting of reserves by QIL's employees, the High Court heard today.

THE alternative to the sale of Quinn Insurance Ltd (QIL) would be liquidation, massive job losses and “further catastrophic losses to the local community”, the president of the High Court said yesterday when giving his reasons for approving the sale.

The President of the High Court has said the transfer of Quinn Insurance represents "a floating ship in turbulent seas where shipwreck and abandonment appeared to be the only alternatives".

THE go-ahead for the restructuring of Quinn Insurance (QIL) — including a change of ownership and a €700 million compensation injection — has been granted by the European Commission (EC).

THE President of the High Court has approved the sale of Quinn Insurance Ltd to a joint venture of US insurer Liberty Mutual and Anglo Irish Bank.

MOST of Quinn Insurance’s 1,600 employees are anxious its proposed sale to US insurer Liberty Mutual goes ahead because they believe it will safeguard their livelihoods, the High Court was told yesterday.

Around 500 commercial policy holders of Quinn Insurance are objecting to the proposed sale of the business - to joint investors Anglo Irish Bank and US insurer Liberty Mutual.

THE High Court has approved a total payment of up to €738 million of public money out of the state’s insurance compensation fund for Quinn Insurance, subject to deciding today whether the proposed sale of the insurer can proceed.

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.

THE administrators of Quinn Insurance are to be paid more than €1.7 million in fees for the first three months of the year.

The High Court has approved more than €1.7m in fees incurred by the joint administrators of Quinn Insurance Ltd for the first three months of this year.

THE Quinn Group made an operating loss of €888.5 million in 2009, according to its latest set of available accounts.

THE president of the High Court said he wishes to hear from representatives of the state’s Insurance Compensation Fund before considering any application to allow Quinn Insurance group draw on that fund.

The President of the High Court said today that he wishes to hear from the representatives of State's Insurance Compensation Fund before considering any application to allow Quinn Insurance group draw any of the €600m it claims it requires from that fund.

The administrators of Quinn Insurance are due back before the High Court today.

THE new owners of Quinn Insurance (QIL) have expressed confidence in the company’s growth prospects, but indicated the firm will no longer be the cheapest player in the Irish market.

The chairman of new Quinn Insurance co-owner Liberty Mutual has said the "past is the past" and that a re-branding of Quinn Insurance will ensure the company moves on.

IRISH Life & Permanent (IL&P) is set to become the new owner of Quinn Healthcare — the latest element of the Quinn Group of businesses set for sale — before the end of the year.

Protestors concerned about the future of the Quinn Group have handed a letter to the Taoiseach this afternoon.

QUINN INSURANCE (QIL) made a total loss of €706 million in 2009 and is likely to report further losses of €160m for last year.

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 Quinn family has said that it was dismayed and saddened by what it claimed was the undermining of the value of the company since the appointment of administrators.

The Quinn Insurance takeover will be complete by mid-August after company returns revealed losses of €706m in 2009.

Quinn Insurance, the leading insurance firm founded by tycoon Sean Quinn, had losses of €706m in 2009.

Quinn Insurance has reported losses of €706m for 2009.

INSURANCE consumers may have to make up a shortfall of about €600 million once the sale of Quinn Insurance to Anglo Irish Bank and US insurance firm Liberty Mutual is completed.

JUST as we seem to be coming to terms with our new and grim normality, and what we must do to survive it, the possibility of a whole raft of price increases for motorists loom. Once again, the goal posts are about to be moved.

The Consumers Association of Ireland has criticised proposals to introduce new car and house insurance levies.

THE mansion and personal assets of Seán Quinn and his family are beyond the reach of Anglo Irish Bank as it attempts to recoup €2.8 billion in loans he owes to the nationalised institution.

Anglo Irish Bank chairman Alan Dukes has insisted the plan on the table for Quinn Insurance is more "bankable" than any other proposal.

FOUR years ago Seán Quinn was Ireland’s richest man. Now he faces the prospect of bankruptcy.

US INSURANCE giant Liberty Mutual has been granted preferred bidder status for Quinn Insurance (QIL), as part of a joint venture with Anglo Irish Bank.

ANGLO Irish Bank’s chief executive has said there is “no doubt” there will be some write-off of the near €3 billion that it is owed by Seán Quinn and his family.

THERE are layers of bitter irony behind Ireland’s most toxic bank’s move to sell the empire created by a self-made businessman who became the country’s richest man only to fall victim to greed and over-weaning ambition.

The vast bulk of jobs at Quinn Insurance are to be saved after insurer Liberty Mutual and Anglo Irish Bank were chosen as the preferred bidders to take over the company.

A joint venture by Anglo Irish Bank and US Liberty Mutual has been identified as the preferred bidders for the Quinn Insurance Ltd, the High Court heard today.

The Finance Minister Michael Noonan has been asked to intervene and help ensure that the Quinn Group's proposal to the administrator to acquire Quinn Insurance is accepted.

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.

THE administrators in charge of Quinn Insurance (QIL) have said that there is no takeover proposal by the Quinn family on the table for the business, despite a Quinn Group statement to the contrary.

THERE has been rare good news for workers in Quinn Insurance after it was revealed administrators have received more than the 900 applications for redundancy which they required.