CBL taps Brexit opportunities – Corporate – Insurance News
8 May 2017
New Zealand’s CBL Corporation is working to capitalise on new business opportunities created by Britain’s pending divorce with the European Union.
The specialty insurer has started moving the bulk of its European business into Dublin-based CBL Insurance Europe, rather than its current provider in UK territory Gibraltar.
“The British decision in June to exit the European Union presented CBL Insurance Europe with new opportunities,” Chairman John Wells told last week’s annual general meeting.
“Many customers are looking for more certainty than their British insurance providers can currently offer, and this has led to positive outcomes because we are domiciled in Ireland.”
CBL expects its European business to grow further due to the acquisition of a majority stake in Securities and Financial Solutions (SFS) Europe, France’s largest specialist provider of construction finance. The €94.5 million ($137.81 million) deal was completed in January and includes buying IMS Expert Europe, SFS’ claims management operation.
“These are strategic acquisitions that protect and strengthen our market-leading position in Europe,” Mr Wells said.
CBL has appointed Mark Christer to run its European business.
Mr Christer will become Head of Europe on June 1, moving from British insurer RSA, where he is UK Personal Lines MD.
“This appointment recognises that Europe is a key focus for CBL… this is a pan-European role to oversee our European businesses and provide local support for our four European CEOs who will report to Mark,” MD Peter Harris said.
“His appointment will build strength and resilience into the wider CBL executive team.”
Mr Christer will also oversee establishment of a global CBL Digital Centre of Excellence, to enhance the insurer’s cyber marketing and e-commerce capabilities.