New Zealand’s CBL Corporation has completed the acquisition of a majority stake in Securities and Financial Solutions (SFS) Europe, France’s largest specialist provider of construction insurance.

The €94.5 million ($134 million) deal includes the acquisition of IMS Expert Europe, SFS’ claims management operation.

CBL now owns 71% of the combined SFS and IMS, with the remainder held by SFS CEO Antoine Guiguet and IMS CEO Gerard Marichy.

“SFS and IMS add significant specialist skills and resources that are expected to enable CBL to grow both businesses,” CBL MD Peter Harris said.

“The acquisition of SFS is expected to provide important strategic benefits for CBL including… the ability to further vertically integrate the group and to consolidate CBL’s market position in Europe, particularly in France, our largest European market.”

SFS is CBL’s largest single client, with the two sides forging a working relationship in 2005 that strengthened over the years.