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CBL Insurance reaps Brexit rewards

CBL Insurance reaps Brexit rewards

CBL Insurance reaps Brexit rewards It’s been a week of turmoil for the insurance industry as its Brexit fears became a reality – but one insurer believes it might actually be good for business.

Immediately prior to the vote, CBL Insurance, a specialist building and construction insurance provider from New Zealand, which has a base in Tunbridge Wells, spoke about the possibility of moving its legal domicile to Ireland. Now, in an interview with the Australian Financial Review, managing director Peter Harris has tipped its Dublin-based division to thrive.

According to the report, the niche insurance and surety provider has been asked to tender on three contracts worth a combined total of €40 million a year. If it were able to win those contracts it would boost its revenue by about 17%.

In a statement released on Monday, the group suggested it had received approaches from insurance brokers and agents in Europe to bring their business to CBL’s European division – and it believes more will come in the month ahead.

“Some of our larger rivals seem to have been really caught off guard by the success of the Leave campaign in Britain's referendum,” Mr Harris said in the publication. 

“Insurance brokers and managing agents want assurances from insurance producers based in London and Gibraltar that they have a clear plan for how to cope with the challenges the Brexit throws up for their businesses.”

The positivity comes after Australasian-based counterpart QBE Insurance Group announced it has lost 13% of its value in two trading days.


Related links:
Brexit impact strikes as QBE rocked by shares slump
CBL will move in Brexit situation