Serious Fraud Office investigates CBL Insurance
New Zealand’s Serious Fraud Office is now investigating CBL Insurance and associated entities, adding to investigations by the Reserve Bank and Financial Markets Authority.
In February 2018 New Zealand’s High Court placed insurance firm CBL Insurance, the main subsidiary of CBL Corporation, in interim liquidation after a request from the country’s central bank.
CBL had previously disclosed that the bank was reviewing the adequacy of the company’s reserves in its French construction insurance business. In February 2018 the Central Bank of Ireland issued a direction to CBL to cease writing business with immediate effect through its European arm CBLIE.
The CBL group operates globally in the business of re/insurance services as a credit surety and financial risk insurer, with a focus on offshore construction and property industries.
In May 2018 the administrator of New Zealand-based CBLC, the ultimate parent of CBL group of Companies (CBL group), recommended the liquidation of the re/insurance company.
New Zealand’s Reserve Bank is co-operating with the Serious Fraud Office investigation as well as with the Financial Markets Authority’s investigation relating to issues of market conduct and disclosure by CBL Corporation.
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