Ireland’s financial regulator has narrowed to five the potential buyers of Quinn Insurance, the insurance arm of the failed Quinn business empire, Sunday Business Post Online reports.
Liberty Mutual, Travelers and Anglo Irish Bank are in, along with two others, unnamed. Left out are Aviva, RSA and FBD. This is the first I’ve read of Travelers’ interest.
As I’ve mentioned before, this process is far slower and far more public than what I am accustomed to in the U.S. Here the new owner is often announced at the same moment the state announces its intervention, to prevent a run.