THE DEADLINE for expressions of interest in Quinn Insurance closed yesterday with a number of large insurers and Anglo Irish Bank understood to be among the parties to have indicated an interest in buying the company.

Investment bank Macquarie, which is running the sale process, sought expressions of interest from potential buyers and proof by yesterday’s deadline of their ability to complete the purchase.

Insurers Aviva, RSA and FBD are thought to be among the parties to have logged interest in buying the insurer, which was put into administration last March over “grave” regulatory concerns about the company’s solvency.

As first reported by The Irish Times, US insurance giant Liberty Mutual has expressed an interest in acquiring the general insurance business of Quinn Insurance.

State-owned Anglo is believed to have lodged an expression of interest in taking control of the insurance company on its own, with the option of bringing in a trade partner to run the business and eventually share ownership.

The sale process is still in its early stages. Yesterday’s deadline was set to remove so-called “tyre kickers” from the process.

However, insurance industry sources said there was little reason not to submit an expression of interest, as this allowed them the opportunity to assess the financial position of a rival firm given that the expressions were non-binding.

Some 47 groups, including private equity firms, initially expressed interest in Quinn Insurance and received a “teaser” document several weeks ago. An information memorandum on the company has also been circulated.

A data room has been set up, providing potential buyers with information in a process being led by Ed Westhead, managing director with Macquarie Capital in London. A spokeswoman for the bank had no comment to make.

Anglo is seeking to guarantee repayment of as much as possible of the Quinn family’s €2.8 billion in loans by taking control of the insurer. The family’s debts rose through 2008 as Anglo loaned large sums to meet losses on Quinn’s investment in the bank in the run-up to its nationalisation.

Anglo held exploratory talks with Liberty Mutual about making a joint approach for the insurer to secure repayment of the loans.

The bank has set aside €1.7 billion to cover potential losses on the family’s loans, and this could rise to €2.2 billion. Anglo has security over the family’s property portfolio valued at about €600 million.

Seán Quinn, the company’s founder, has said his family would be able to repay the bank’s loans within seven years if the insurer remained within the control of the family and his group.

Anglo’s attempts to take control of Quinn Insurance are likely to face significant hurdles with the Financial Regulator and the European Commission.