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Giant US insurer interested in Quinn Insurance Irish Times

20.05.10

SIMON CARSWELL and MARY CAROLAN

ONE OF the largest US insurance companies has said it is interested in buying Quinn Insurance as a means of significantly expanding its operations in Europe.

Liberty Mutual, the fifth largest home, motor and general insurer in the US, said that it had contacted the administrators of Quinn Insurance to express an interest in taking over the troubled company.

The firm operates a business in the International Financial Services Centre (IFSC) in Dublin and also has a small presence in Britain.

A spokesman for the company confirmed it had contacted the joint administrators of Quinn Insurance, Michael McAteer and Paul McCann of accountants Grant Thornton, expressing an interest in the Cavan-based firm.

Liberty has a track record of buying and restructuring struggling insurers trading in difficult conditions and running and managing them locally.

The company has no significant overlapping business with Quinn Insurance in Ireland or Britain. If a takeover proceeded, the sale could leave the Cavan-based insurer intact and minimise further job losses beyond the 902 sought from the 2,450-strong workforce.

Source:

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