US insurer gets to bid for Quinn Insurance

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.

The High Court has been told that no job losses among Quinn employees on the island of Ireland would result should the bid get the go-ahead from the relevant authorities.

While the joint bid for QIL — which has been under administration for just over a year — had been deemed the unofficial front- runner for a number of months, yesterday’s announcement puts paid to the only other possible alternatives, namely a takeover bid by Zurich Insurance and a Quinn Group-backed bid.