The Chairman of Auckland-based specialty insurer CBL Corporation has lauded a “year of significant achievement”.

Last year was marked by October’s listing on the Australian and New Zealand sharemarkets and capped by a record operating profit of $NZ59.9 million ($55.2 million) – 25.3% above the prospectus forecast – on revenue of $NZ213.5 million ($197 million).

The year also included the acquisition of Australian insurer Assetinsure and UK fee protection and tax investigation insurance company Professional Fee Protection, plus a 34.99% stake in Mexican bonding and surety company Fiducia.

Chairman Sir John Wells told last week’s annual general meeting CBL will “review and consider” other overseas acquisitions, and noted Europe and Scandinavia, which account for 70% of the company’s revenue, will remain a focus.

CBL has operations in 25 countries and is “a truly global group, growing in scale and significance”, he told shareholders.

Another key focus is specialisation.

“Providing niche insurance products and tailoring them to meet the needs of individual clients will enable us to continue to grow market share,” Sir John said.

The Chairman paid tribute to MD Peter Harris, telling shareholders it is “difficult to convey… the value he brings to the role”.

In his address to shareholders Mr Harris praised CBL’s “small, talented and efficient group of experts in our New Zealand head office”.

“Our tight head office, the quality of our international teams and the strength of our relationships with our key producer partners are what drives our strong results,” he said.