High Court approves sale of Quinn Insurance

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.

The decision means a total €738 million of public money will be paid out of the state’s insurance compensation fund to the insurer, including an immediate payment of €320m to facilitate the sale with the remainder later, subject to applications to the court.

A representative of the insurer’s employees had told the court the vast majority supported the sale because they believe it will safeguard their livelihoods.