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
NZ dollar trades near 2019 low on Aussie rate outlook, China worries
Short window left to lock in good interest rates on term deposits
MediaWorks breakeven stymied by radio
Loan-to-value restrictions effective but have some drawbacks - RBNZ
Yili deal a timely cash injection for Westland farmers - ANZ
AFT interested in medicinal cannabis but says it's not commercially viable yet
Serko chalks up another year of 28% sales growth, profit dips on acquisition adjustment
NZ first-quarter retail sales grow 0.7%, slightly better than expected
SkyCity poised to enter online gaming space
AFT narrows net loss, turns cash flow positive