The deadline for expressions of interest in Quinn Insurance expires this evening, with Anglo Irish Bank expected to be among those interested in taking over the company.
Macquarie Group, which is handling the sale of Quinn Insurance, set a deadline of 5.30pm for expressions of interest, two people with knowledge of the matter said. Macquarie may seek binding offers in a month.
The Financial Regulator had administrators appointed to the company on April 15th. Quinn Insurance, established in 1996, posted a loss of €788 million last year.
Mr Quinn said last year his family lost "more than a billion euros" investing in Anglo Irish shares.
People familiar with the process said Anglo may place a joint bid with an insurance company for Quinn.
The bank is being split into a savings bank and an asset recovery agency as the government seeks to cap the bill taxpayers face for the lender. While Anglo executives say the bank may need about €25 billion, Standard and Poor's said the figure may be as high as €35 billion.
Quinn Insurance has more than one fifth of the Irish car and health insurance markets, according to its website. The company said on September 10th it's "performing robustly and is underwriting at a profitable level."
Bloomberg