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30 April 2017
New Zealand-based credit and financial risk insurer CBL Corporation has filed an application to acquire New York insurer Affirmative Direct Insurance Company for $US5.7 million ($7.45 million).
CBL MD Peter Harris says the deal offers “a unique opportunity” to access the US market.
“The US is the largest insurance market in the world and is one that we have been following for many years,” he said.
“The opportunity to gain direct access to this market in a low-risk, controlled and manageable way when we are ready is one we don’t want to pass up.”
Mr Harris says CBL already has established relationships in the US and expects to start writing small amounts of business before the end of this year.
The acquisition is subject to regulatory approvals.
Affirmative was formed in 1987 and wrote non-life business until 2007, when it ceased underwriting operations and began running off its business.
It has no outstanding claims or run-off insurance, but holds cash, cash investments, regulatory capital and current insurance licences in 14 US states.
More details in our regular bulletin on Monday.
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