New Zealand specialty insurance and reinsurance group CBL Corporation plans to acquire UK tax investigation insurance provider Professional Fee Protection (PFP).

PFP policies cover professional fees incurred due to investigations by tax authorities.

It has more than 5000 accounting firms on its books, all of which have a range of SME clients signed up for cover.

CBL says PFP will complement its UK-based business, European Insurance Services, a licensed broker that distributes construction-sector insurance throughout France.

“Acquiring PFP would give us the opportunity to offer its clients the full range of CBL’s products and services, and at the same time extend PFP’s operation into our other international markets,” CBL MD Peter Harris said.

The transaction should be completed by the end of this year.

CBL recently acquired Assetinsure, the largest surety bond insurer in Australia. It also listed on the New Zealand Exchange and Australian Securities Exchange last month.