J.C. Flowers Bidding for Irish Lender

Buyout firm J.C. Flowers is one of five bidders for the insurance arm of lender Irish Life and Permanent, Reuters reported Saturday. The firm is making a joint bid with firm Apollo Global Management for Irish Life insurance. Canada Life Ireland and U.S. insurers Unum and Delphi are also bidding for the firm, Reuters reported. Final bids are due in October.

(Reuters) – Banking and finance buyout firm J.C. Flowers is one of a shortlist of five bidders for the insurance arm of troubled lender Irish Life and Permanent, a source told Reuters on Saturday.

J.C. Flowers will make a joint bid with private equity firm Apollo Global Management for Irish Life insurance, the source said. Canada Life Ireland and U.S. insurers Unum and Delphi are also bidding for the firm, the source said.

The Irish government is selling the cash-rich life insurance arm, with an embedded value of around 1.6 billion euros to help fill a capital shortfall near 4 billion euros ($5.7 billion) in Irish Life and Permanent. It has injected 2.7 billion euros in state funds into since the bancassurer’s effective nationalisation.

Final bids for Irish Life are due by October, the source said.

A spokesman for Irish Life said it would not comment on the sale. JC Flowers declined to comment. (Reporting by Conor Humphries; editing by James Jukwey)