Administrators KordaMentha have sold failed New Zealand insurer CBL’s UK-based European Insurance Services for an undisclosed price.

Details of the sale to Phenix Holdings, a financial services investment company, remain confidential for now.

The sale follows the earlier disposal of another UK-based CBL business, Professional Fee Protection, by the administrators.

CBL Corp has been in voluntary administration and its subsidiary CBL Insurance in court-imposed interim liquidation since February.

The fall of Gibraltar-based Elite Insurance, which wrote most of CBL’s European business until last year, and the funding concerns of its French operations, triggered the insurer’s financial troubles.