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


CBL Finalists 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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>


Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>


Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>


Electricity: New Zealand Remains In Top 10 For Energy Balance

The World Energy Council’s Energy Trilemma Index has become part of the energy dialogue both globally and in New Zealand. The Index illustrates the need for countries to balance energy security, energy equity and environmental sustainability. New Zealand ... More>>


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>


Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>