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

 

CBL Finalists Acquisition of Australian Insurer

CBL FINALISES ACQUISITION OF AUSTRALIAN INSURER

New Zealand-headquartered credit surety and financial risk insurer CBL Corporation Limited (CBL) today announced it has completed the NZ$46 million acquisition of the Australian specialty insurer Assetinsure Holdings Pty Ltd.

CBL Managing Director Peter Harris said: the acquisition, which received Australian Prudential Regulation Authority (APRA) approval in August, was an important strategic step in CBL’s plans to build its business in Australia.

“We can now distribute products in Australia through an APRA regulated entity, and introduce certain Assetinsure products and relationships into our existing international markets.”

Assetinsure is the largest surety bond insurer in Australia, and provides a range of speciality products including credit enhancement, surety bonds, specialised property insurance, aviation, and rural risk from its three offices in Sydney, Brisbane and Perth.

“Currently our business is strongly weighted to Europe, which accounts for more than 70 percent of the business written by the company. We expect the purchase of Assetinsure will go some way towards broadening our operations,” said Mr Harris.

“We are excited to be able to utilise the knowledge and experience that the Assetinsure team has of the Australian market, and look forward to being able to apply some of our international products and knowledge into the Assetinsure distribution channels.”

Today’s announcement comes a day after CBL Corporation made a strong debut on both the Australian and New Zealand stock exchanges. The company had earlier cited funding for growth, including the acquisition of Assetinsure, and increasing its regulatory capital as the primary reasons for its decision to list.

The Executive Director and largest shareholder of Assetinsure, Peter Wedgwood, said: “There is a lot of synergy between our two companies, and we are very pleased to become part of the Group. CBL’s global focus will provide us access to other markets.”

Assetinsure was advised on the transaction by Willis Capital Markets & Advisory; CBL by Bancorp.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

What Lies Beneath: Is The Housing Market Turning?
Rising interest rates, combined with further tightening of credit availability appear to be dampening the enthusiasm of investors and first home buyers. While house values continue to rise, what lies beneath QV's latest figures is growing evidence that price pressure has shifted... More>>



R&NTU: KiwiRail strike notices withdrawn following new offer

Strike notices on KiwiRail have been withdrawn. Rail and Maritime Transport Union General Secretary Wayne Butson says following negotiations between the RMTU and KiwiRail, a new offer from KiwiRail will be taken back to union members for ratification... More>>



Banking: Stress Tests Show Strengthening Bank Resilience

The latest stress tests carried out by the Reserve Bank of New Zealand – Te Pūtea Matua show strengthening resilience in the banking sector and the benefits of continuing to build capital buffers... More>>



Reserve Bank: Deputy Governor Reflects On Time At RBNZ
Central bankers must continue to look forward to guard against the unpredictable, Deputy Governor Geoff Bascand says in a speech published today. Mr Bascand joined the Reserve Bank of New Zealand – Te Pūtea Matua in 2013 during the aftermath of the Global Financial Crisis... More>>


Xero: Data Reveals ICT Expenditure Key To Small Business Sales Growth
Xero, the global small business platform, today released a new report which shows New Zealand small business ICT expenditure has increased 25 percent compared to pre-pandemic levels - more than the UK (20%) and Australia... More>>


Fonterra: Lifts Forecast Farmgate Milk Price Range And Revises Earnings Guidance At First Quarter Update

Fonterra Co-operative Group today lifted its 2021/22 forecast Farmgate Milk Price range, reported a solid start to the 2022 financial year and revised its earnings guidance... More>>


Canterbury Museum: New Research - Bald Haast's Eagle Feasted On Moa Guts

New Zealand’s extinct Haast’s Eagle (Hieraaetus moorei), the largest known eagle, gulped down viscera like a vulture and may even have been bald, new research suggests... More>>