Grant Thornton, the official administrators of the Quinn Insurance empire, has today confirmed that while interest has been shown in the operations there have been no discussions with potential buyers of the business. The Quinn Insurance saga appears to be getting more complicated by the day with court action, comments from the administrators and comments from the regulators appearing to cast different light upon the direction the story will take.
It is believed, unofficially, that around 30 expressions of interest have been shown in the underlying Quinn Insurance business, for what is the second largest insurance company in Ireland and a major player in the UK market. This interest in the operation will not be to the liking of founder Sean Quinn who is attempting to reopen his UK branch for new business. A decision from the regulator is likely to come sooner rather than later with regards to the UK operation in order that doubts are lifted as soon as possible.
It is still unclear why Quinn Insurance has attracted the wrath of the regulator and indeed why the business, or at least the Irish operation, has been placed into administration.
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