NZ insurer looking to expand into Aussie market

NZ insurer looking to expand into Aussie market | Insurance Business

NZ insurer looking to expand into Aussie market
CBL Insurance Group, a leading insurer based in New Zealand, is looking at an Australian acquisition as part of its growth strategy.

Following a strong set of results announced last month, the company has appointed Bancorp Corporate Finance and international investment banking group UBS to "assess its options".

“CBL shares cannot currently be applied for or acquired under any intended off,” the company said in a statement when results were released in March

“If an offer is made, it will be made in accordance with the provisions of the Financial Markets Conduct Act 2013.”

Industry insiders told our sister publication in New Zealand that CBL was eyeing an IPO on both sides of the Tasman in the first half of 2015.

The Australian Financial Review is reporting that CBL is looking at an Australian acquisition to make its bow in the market alongside its aim at the ASX.

CBL reported premium income of NZ$292 million for the year to December, and a NZ$36 million profit.

CBL, which is headquartered in Auckland and has been in business for over 40 years, is an international group writing business in 25 countries with more than 100 employees working out of eight offices spread over four continents.

Much of its revenue is generated outside of New Zealand, largely from Europe, and is derived mainly from building and construction related credit and financial surety insurance, bonding and reinsurance.