Press Release: State aid: Commission clears aid from Irish Insurance Compensation Fund for restructuring of Quinn Insurance

The European Commission has approved under EU state aid rules support measures of over €700 million provided by the Irish Insurance Compensation Fund (ICF) for the restructuring of Quinn Insurance Limited (QIL), an Irish general insurer which ran into difficulties in 2010 and is currently in administration.

As part of the restructuring, the viable Irish general insurance part of QIL has been sold to a joint venture between the US insurer Liberty Mutual and Anglo Irish bank, while the non-viable UK operations will be wound-down. The viability of the healthcare insurance of QIL is not assessed in this decision as its own sales process is still going on.

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