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CBL enters interim liquidation

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Troubled New Zealand-based global insurer CBL has been placed into interim liquidation by the High Court of New Zealand.

The court issued the order following an application by the Reserve Bank of New Zealand, CBL says in a statement today.

McGrathNicol Partners Kare Johnstone and Andrew Grenfell have been appointed as interim liquidators.

The court has also issued confidentiality orders relating to the matter.

Sydney-based Assetinsure was bought by CBL in 2015.

AssetInsure CEO Gregor Pfitzer says the appointment of administrators relates to CBL companies in New Zealand and its business continues to operate as normal.

More details in our regular bulletin this afternoon.