The Irish Examiner reports a development that’s frankly none too surprising: The administrators of Quinn Insurance have removed all the mates of one-time company leader Sean Quinn from the board. Sean Quinn, of course, launched the company, which collapsed a few months ago under the weight of supporting all Sean Quinn’s enterprises.
The administrators also sent out a prospectus this week. Possible bidders, according to the Irish Independent, include Liberty Mutual, FBD, Aviva and RSA and Anglo Irish Bank.
In particular, AIB, a major Quinn creditor, is looking for an insurance company to partner with – perhaps Liberty global arm – in order to add credibility to its bid.
Meanwhile, the business of insurance carries on. Quinn appears to be on the hook for a €10 million to €20 million after a British burger factory burned to the ground, resulting in 700 tons of prematurely grilled beef.