Liberty Mutual Group Inc. said it will buy the 49 percent stake in the former Quinn Insurance Ltd. in Ireland that it doesn’t already own from failed lender Irish Bank Resolution Corp. The company didn’t disclose financial terms.
Liberty, based in Boston, and IBRC’s predecessor, Anglo Irish Bank Corp., took control of Quinn Insurance two years ago, after the Irish insurer was placed into administration in 2010 amid concerns about the company’s solvency. The remaining stake sale in the company, since renamed Liberty Insurance, is a result of IBRC’s liquidation, ordered by the state in February.
The rescue of Quinn Insurance, established in 1996 by now- bankrupt Cavan-based businessman Sean Quinn, may cost the country’s Insurance Compensation Fund as much as €1.65 billion [$2.256 billion], according to the central bank. The cost is ultimately being recouped from non-life insurance policy holders in Ireland.
In an e-mail statement, Liberty said would create 150 jobs at its operation in Dublin.