Friday 21st September 2018
|Text too small?|
The administrators of insurer CBL Corp have sold a second of the firm’s international subsidiaries.
UK-based European Insurance Services has been sold to Phenix Holdings, Brendon Gibson and Neale Jackson of KordaMentha said.
The terms of the sale, effected through CBL subsidiary Intercede 2408, can’t be disclosed at this time, they said.
Auckland-based insurer CBL appointed KordaMentha voluntary administrators on March 2 after the Reserve Bank sought an interim liquidation of its New Zealand supervised arm and the Central Bank of Ireland made a similar move against its European division.
CBL Insurance - the New Zealand-based subsidiary - has been placed in interim liquidation and is being investigated by the Serious Fraud Office, the Reserve Bank and the Financial Markets Authority.
In July KordaMentha announced the sale of CBL’s UK-based professional fee protection business to Highbridge Principal Strategies and Madison Dearborn Partners. Terms of the sale, which was subject to regulatory approvals, were not disclosed at the time.
No comments yet
MARKET CLOSE: NZ shares gain as Trade Me hits record on takeover
NZ dollar higher against USD as jitters about China-US trade tensions recede
Rakon boosts bank funding to meet increased telco demand
Underfunded Overseer farm management tool needs thorough review: Upton
Motor vehicle lending helps UDC lift annual profit 6%
Orr says RBNZ still under-resourced, funding model part of second phase of review
Leading business brokerage firm LINK raises a further NZ$3.45m in capital
Travel insurance and the AirNZ strike
Industrial heat a challenge for cost-effective emissions reduction
Hallenstein Glasson wary of margin squeeze in second half