CBL Corporation expects to report an after-tax consolidated loss of $NZ75-85 million ($69-$78 million) when its results for last year are released on February 27.

The New Zealand-based global specialist insurer blames the result on an expected future claims reserve strengthening adjustment of $NZ100 million ($92.17 million) for its long-tail French construction insurance business.

A one-off write-off of $NZ44 million ($41 million) for receivables arising from broker, insurer and reinsurer reconciliations also adds to the loss forecast.

CBL says its operations remain strong despite the loss projections. Overall revenue is expected to grow more than 35%, exceeding previous guidance of 12-15%.

The insurer made a net profit of $NZ30.7 million ($28 million) in 2016.