Zurich and joint Anglo-Liberty bid leading race for Quinn
Reports in the Irish press have indicated that there are two front runners in the bidding process for Quinn Insurance. The differing articles named Zurich and a joint Anglo Irish Bank and Liberty Mutual bid as leading the way. Previously, Travelers and Allianz were thought to have submitted offers.
The Sunday Tribune put the Swiss insurer in pole position with administrators Grant Thornton and their banking adviser Macquarie. The article said that a joint offer by Anglo Irish Bank and Liberty Mutual faced regulatory concerns due to the bank's lack of insurance expertise.
The newspaper added that any bid by Anglo, which is owed €2.8bn by Sean Quinn and his family, would be scrutinised by the European Union Competition Commission as the nationalised bank was still receiving emergency funds
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