International credit surety and financial risk insurer CBL Corporation has completed its dual listing on the New Zealand Exchange and the Australian Securities Exchange.

The initial public offering raised $NZ125 million ($114 million).

Investors have responded positively, with CBL shares that debuted at $NZ1.55 ($1.42) on October 13 closing their first day of trading at $NZ1.77 ($1.62).

On September 1 CBL announced the acquisition of Sydney-based specialty insurer Assetinsure.

CBL MD Peter Harris says the “depth, spread and quality” of investors attracted to the float represents “a ringing endorsement for the company’s prospects and performance”.

Up to 75% of the capital raised will fund growth opportunities, including the recent NZ$46 million ($42 million) acquisition of Assetinsure, which was finalised last week.

“CBL is looking forward to taking full advantage of the opportunities now available to the company,” Mr Harris said.

Chairman John Wells says the listing is a “significant step” in Auckland-based CBL’s evolution as an international company.

“CBL has successfully pursued an international strategy of strong growth by focusing on profitable, non-traditional insurance lines in specific markets,” he said.

“Our new capital structure will allow us to do that even more effectively.”

CBL has representative offices in London, Copenhagen, Kuala Lumpur and Mexico City. Assetinsure will add offices in Sydney, Brisbane and Perth.

More than 70% of CBL’s business is written in Europe, and Mr Harris says the acquisition of Assetinsure will enable it to build in Australia.

“We expect the purchase of Assetinsure will go some way towards broadening our operations,” he said.
  
Assetinsure provides specialty products such as credit enhancement, surety bonds, specialised property insurance and rural risk.