Quinn sale to Liberty Mutual and Anglo Irish Bank approved
The High Court has approved the sale of Quinn Insurance to a joint venture of US insurer Liberty Mutual and Anglo Irish Bank.
As reported in the Irish Times, the decision means a total €738m (£643m) 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.
The sale of Quinn to Liberty Mutual and Anglo Irish safeguards 1,600 jobs and brings to an end the year-long saga of the Irish insurer’s near demise.
The president of the Irish high court, Mr Justice
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