Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


CBL buys 40% stake in Irish professional insurer Allied Risk

CBL buys 40% stake in Irish professional insurer Allied Risk for 1.38M euros

By Paul McBeth

July 10 (BusinessDesk) - CBL Corp has continued its acquisition spree of recent years with the purchase of a 40 percent stake in Allied Risk Holdings for 1.38 million euros, and will use the Irish professional insurer's senior management to populate its own European executive team.

Auckland-based credit surety and financial risk insurer CBL announced the acquisition and appointments today, adding Dublin-based Allied and its 2.3 million euros of annual billings to the expanding New Zealand group. As part of the deal, Allied executive chairman Larry Sherin will head up CBL's European insurance team, with Neal Lamont as financial controller and Ronan Ryan as chief operating officer.

"Acquiring this senior executive team gives us more dedicated resource and expertise on the ground in our important European markets, and it follows on the heels of our recent appointment of Mark Christer as CBL's CEO of Europe," managing director Peter Harris said in a statement.

Almost three-quarters of CBL's gross written premiums came from its European businesses in calendar 2016, and the company beefed up its presence in the region with the acquisitions of UK tax investigation insurance provider Professional Fee Protection, and France's largest specialist producer of construction-sector insurance Securities and Financial Solutions Europe SA.

CBL's current head of the European insurance arm, Brendan Malley, will take a part-time claims management role with the company, and the senior management reshuffle will also see Auckland-based Oliver Doyle transfer to take up the chief information officer role.

The insurer's shares rose 1.5 percent to $3.35 after the announcement, having dropped 9.1 percent so far this year.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>


Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>