IRISH CENTRAL BANK MOVES TO PREVENT ‘DISORDERLY FAILURE’ OF CBL INSURANCE EUROPE

An Irish court has appointed an administrator to CBL Insurance Europe (CBLIE), a wholly owned subsidiary of New Zealand’s CBL Corp Ltd, to avoid the risk of a“disorderly failure”, the Irish Central Bank announced.

The Irish Central Bank ordered CBLIE to cease writing new business with immediate effect and said that it was in a distressed financial position and had failed to address issues brought up by the bank in recent months.

CBL Insurance Europe, which underwrites construction-related insurance, is registered in Ireland and authorised to write business in Ireland and on a freedom of services basis in Belgium, Denmark, France, Italy, Norway, Romania, Spain, Sweden and Britain.

Source: Reuters

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