Second CBL subsidiary sold

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.

(BusinessDesk)

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