Auckland-based credit insurer CBL is planning an initial public offering and dual listing on the Australian and New Zealand stock exchanges.

The privately owned company has appointed advisers to assess its options for growth, including in Australia, although it says it is not seeking to raise funds.

CBL writes builders’ warranty insurance and cover for travel, cargo and airline business, plus bonds for property purchasers and landlords seeking cover in the event of default.

Last year it earned gross written premium of $NZ241.77 million ($237.02 million), up 14%, and incurred claims expenses of $NZ72.38 million ($70.96 million), up 60%.

Operating profit rose 38% to $NZ35.68 million ($34.98 million).

MD Peter Harris says CBL writes business in 25 countries and employs 100 staff working out of eight offices, including in London, Mexico City, Kuala Lumpur and Copenhagen.

“We are a considerable exporter of financial services, with much of our revenue generated outside of New Zealand, largely from Europe, where we have a number of long-term and close business relationships,” he said.

The company raised $55 million last year through a secured debt offer, mostly to Australian investors.