A joint venture involving Anglo Irish Bank and US insurer Liberty Mutual has been announced as the preferred bidder for Quinn Insurance Ltd's general insurance business.
A statement from the joint administrators said the deal was subject to approval from the relevant authorities and no other offers would now be considered.
Administrators Michael McAteer and Paul McCann said that Liberty would be wholly responsible for the operation of the new joint venture. Anglo Irish Bank will have no involvement in the day-to-day operation of the new company but will act 'in a loan recovery capacity'.
The administrators said the proposed deal was good news for customers and staff. They said the new business would continue to operate existing insurance product lines in the Republic of Ireland and the United Kingdom.
The administrators also said there would no loss of jobs on either side of the border as a result of the sale process. All 1,570 staff will transfer to the Liberty-led joint venture.
Offices will be centralised in Cavan, Enniskillen and Blanchardstown. The company's Navan and Manchester sites will close before the deal is completed, with 100 staff in Navan moving to either Blanchardstown or Cavan.
Around 30 staff in Manchester will be offered redundancy. Talks on the details of the deal will take place over the next four to six weeks, and it is expected to be completed 12-14 weeks after that.
The Central Bank said that, though the deal was subject to approval by regulators, the administrators had kept it informed throughout the sale process. Anglo Irish Bank will have a minority stake in the new firm.
The Central Bank stressed that the announcement did not affect policyholders of QIL, Quinn Healthcare or Quinn Life Direct.
Quinn Healthcare has confirmed that it is not included in today's announcement of the sale of QIL, and that customers will not be affected. The process of selling the health insurance business is continuing.
