Life assurance:Irish Life Assurance Plc has bought a majority stake in the Quinn Group's life assurance and pensions business.
The sale, comprising 5,000 policies, is expected to be completed by the end of this year, pending regulatory and court approval.
Irish Life Assurance has declined to comment on how much they paid for the small number of policies involved in the deal..
Quinn Life Direct, which launched in 2000 is a separate regulated company to Quinn Insurance.
When in March 2010 the High Court appointed provisional administrators to Quinn Insurance, Quinn Life assured its existing customers that their savings and investments were backed by the Quinn Life unit-linked funds and that the company held the additional solvency margin required by the Financial Regulator.
