High Court places CBL Insurance in interim liquidation

Friday, 23 February 2018

Interim liquidators were appointed in the Auckland High Court on Friday.

The High Court has ordered Auckland insurer CBL be placed into interim liquidation on an application by the Reserve Bank.

In the Auckland High Court on Friday, Justice Patricia Courtney ordered the appointment of Kare Johnstone and Andrew Grenfell, from insolvency firm McGrath Nicol, as interim liquidators of CBL Insurance.

On its website, CBL Insurance describes itself as the 'largest and oldest provider of credit surety and financial risk insurance in New Zealand'.

'All underwriting decisions are led from our New Zealand head office, backed by our representative offices in London, Kuala Lumpur, Copenhagen and Mexico City,' the website says.

READ MORE: Workers await $5.7m ruling

As New Zealand's insurance regulator, the Reserve Bank licenses and prudentially supervises CBL Insurance Ltd.

A statement from the Reserve Bank said policyholders with CBL should address queries about their own position to the interim liquidators.