New Zealand-based CBL Corporation has gained regulatory approval for its $150 million purchase of Securities & Financial Solutions (SFS) Europe, France’s largest specialist producer of construction insurance.

The approval from the Commissariat aux Assurances in Luxembourg also applies to SFS claims management operation IMS Expert Europe.

“SFS was an important strategic acquisition for us in terms of furthering our growth ambitions in Europe,” CBL MD Peter Harris said.

“It provides support to CBL doing additional business in that region. It is also expected to provide excellent opportunities for several companies within the CBL Group in Europe.”

SFS is CBL’s largest single client, with ties between the two strengthening after they started working together in 2005.

“This is the fifth acquisition CBL has done in Europe over the past 11 years, with four different regulators, and each one adds to CBL’s regulatory and governance experience,” Mr Harris said.

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

Final settlement on the deal is expected by early in the new year.