Irish Central Bank appoints administrator for European unit of troubled CBL

The Central Bank of Ireland has appointed an administrator to CBL Insurance Europe (CBLIE) to prevent a “disorderly failure” of the company.

Kieran Wallace of KPMG has been appointed provisional administrator to the subsidiary of troubled New Zealand financial conglomerate CBL Corporation.

Ireland’s move follows a similar decision by New Zealand authorities against another subdisary of CBL Corp, CBL Insurance Ltd.

The Irish central bank last week ordered CBLIE to cease writing new business immediately, after a review of the adequacy of the company’s reserves in its French construction insurance business.

Construction insurance specialist CBLIE is registered in Ireland and is also authorised to write business in France, Belgium, Denmark, France, Italy, Norway, Romania, Spain, Sweden and the UK.