CBL Corporation has acquired a 40 percent stake in Allied Risk Holdings, a captive insurance management firm in Dublin, for €1.38 million.
As part of the transaction, CBL has also taken on the senior management team of Allied, who will be appointed to CBL Insurance Europe’s senior executive team in Dublin.
The new appointments include Larry Sherin as CEO, Neal Lamont as financial controller, Ronan Ryan as chief operating officer and Oliver Doyle as chief information officer.
Brendan Malley, current CEO of CBL Insurance Europe, is stepping down from the role to retire, but will take on a part-time claims management role within the company.
Both the acquisition and appointments have received regulatory approval from the Central Bank of Ireland.
Allied’s clients include Benteler Re, Continental, Greenlight Re, Porsche and Santander Bank.
Commenting on his appointment and the acquisition, Sherin said: "I am delighted to be running CBL Insurance Europe. We have known the CBL New Zealand team for nearly five years. They are an impressive operation, and I am looking forward to working with Mark Christer, [CEO of CBL Europe], and playing a strong part in the group's growth in Europe.”
He added: "CBL's solid relationships and good underwriting discipline has worked well in Europe in 2016 and their clear strategy of transitioning their European business into CBL Insurance Europe, and taking advantage of Brexit, has proven to be a good one."
