CBL Corporation has taken a 40% stake in Dublin-based captive insurance group Allied Risk Holdings, stepping up its post-Brexit game plan.

The €1.38 million ($2.07 million) investment expands Auckland-based CBL’s presence in Dublin, which will be its European Union hub after the UK leaves the bloc.

Allied’s senior management team will take senior roles in CBL Insurance Europe, also based in Dublin, under the acquisition.

“Acquiring this senior executive team gives us more dedicated resource and expertise on the ground in our important European markets,” CBL MD Peter Harris said.

Allied Executive Chairman Larry Sherin will take over as CBL Insurance Europe CEO from Brendan Malley, who is retiring.

The New Zealand specialty insurer moved the bulk of its European business to Dublin-based CBL Insurance Europe this year.