CBL Insurance Europe (CBLIE) has an appointed administrator as directed by the Irish Court so that the risk of a “disorderly failure” may be avoided, according to a Reuters report.
Last week, the Irish Central Bank ordered CBLIE to stop writing new business. The central bank said the underwriter was in a worrisome financial position and had failed to address the issues the bank had brought up in the past few months.
Construction-related insurance underwriter CBL Insurance Europe is a wholly owned subsidiary of New Zealand’s CBL Corporation Ltd. CBLIE is registered in Ireland and is allowed to write business in Ireland and, on a freedom-of-service basis, in Belgium, Denmark, France, Italy, Norway, Romania, Spain, Sweden, and Britain.
CBLIE was placed into liquidation in 2019. In December of last year, the company and four of its former directors were ordered by the New Zealand High Court to pay penalties for continuous disclosure and misleading conduct breaches.
