CBL administrators declare sale of European insurance business

CBL administrators declare sale of European insurance business | Insurance Business

CBL administrators declare sale of European insurance business

Voluntary administrators of New Zealand-based CBL Corporation have sold the firm’s UK-based European Insurance Services Limited business.

According to administrators Brendon Gibson and Neale Jackson of Kordamentha, European Insurance Services was sold to Phoenix Holdings Limited.

The agreement has been entered into by the CBL subsidiary Intercede 2408 Limited. The sale terms cannot be disclosed at this time.

This is the second sale of CBL’s international subsidiaries following on from the sale of the UK-based Professional fee Protection (PfP) business to US private equity firms Highbridge Principal Strategies (HPS) and Madison Dearborn Partners (MDP) in July.

As of August 07, the voluntary administrators had advised that a watershed meeting of the CBL group companies is further adjourned and will be held no later than November 17.

The date of the hearing that will determine whether CBL’s largest subsidiary CBL Insurance, which is in interim liquidation, will be permanently placed into liquidation has not yet been set.