CBL Corporation has completed its £7.5 million ($15.5 million) cash acquisition of UK tax investigation insurance provider Professional Fee Protection (PFP).

The New Zealand specialty insurance and reinsurance group will hold a 92% stake in the British company, with the rest owned by two senior executives.

“PFP not only complements our business, but it offers us significant business opportunities,” CBL MD Peter Harris said.

“We have confidence in the PFP management, and look forward to support its growth.”

CBL recently acquired Assetinsure, the largest surety bond insurer in Australia.

CBL recorded gross written premium of $NZ241.8 million ($220.2 million) and net profit of $NZ19.4 million ($17.7 million) last year.