CBL Corporation, a New Zealand-based specialist re/insurer, has acquired a 40 percent stake of Allied Risk Holdings, a captive insurance management firm based in Dublin, for a price of €1.38m.
Furthermore, CBL has acquired the senior management team of Allied, who will be appointed to CBL Insurance Europe's senior executive team in Dublin.
Larry Sherin, the current executive chairman of Allied, has been appointed CEO of CBL Insurance Europe. Prior to Allied, he served as CEO of Zurich Insurance Services and QBE Ireland.
"I am delighted to be running CBL Insurance Europe," Sherin said. "We have known the CBL NZ team for nearly 5 years. They are an impressive operation, and I am looking forward to working with Mark, and playing a strong part in the Group's growth in Europe.”
Brendan Malley, the current CEO, is retiring from CBL Insurance Europe, and will take a part time claims management role with the company.
Allied has a number of high profile international clients, and current annual billing of €2.3m.
Some of Allied's clients include Benteler Re, Continental, Greenlight Re, Porsche, and Santander Bank.
CBL managing director Peter Harris commented: “Acquiring this senior executive team gives us more dedicated resource and expertise on the ground in our important European markets, and it follows on the heels of our recent appointment of Mark Christer as CBL's CEO of Europe."
Further appointments include Neal Lamont as financial controller, Ronan Ryan as chief operating officer, and Oliver Doyle as chief information officer.
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CBL Corporation, Allied Risk Holdings, Captive, M&A, Europe, New Zealand