Quinn Insurance has been introduced in the administration in March 2010 after the financial regulator expressed concern about the ability of firms to meet their obligations, even though his manager said that it is profitable at the operating level.
The company is the principal debtor scandal-hit Anglo Irish Bank [ANGIB.UL], which will retain a minority stake of the new company.
However, the British nationalized, which is being wound down for a few years, will have nothing to do in their daily management.
"Sale of Quinn Insurance is nearing completion of a joint venture between Liberty Mutual and Anglo certain joint administrators as the preferred bidder," Finance Minister Michael Noonan said in a statement.
"This is subject to regulatory approval and completion of contract details," he said, adding that all 1500 jobs in Quinn Insurance will be saved under the deal.
Sean Quinn, founder of the Quinn Insurance and once the richest man in Ireland, will play no role in the new company, said in a statement.
Private Quinn Group, which owns the insurance business, but also has glass, construction and packaging companies, has been introduced in the administration after the buildup of debt in the amount of 2,8 billion euros ($ 3.6 billion) in the Anglo-Irish.
He broke the debt largely through the purchase of Sean Quinn share of more than 20 percent in Anglo Irish through contracts for difference, which allow a punt to safety without the express which it belongs.
Investments became worthless when the government nationalized the British in early 2009 to save it from collapse after years of reckless lending to property developers.
Prior to the nationalization of the Anglo's, Quinn unloaded half to put it on top 10 clients. English fasting clients money to buy shares in a deal currently being investigated Director of Irish corporate law.
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