Credit and financial risk insurer, CBL Corporation Ltd
(ASX:CBL), has obtained regulatory approval for its $150 million acquisition of a French insurance underwriter.
The French underwriter is called Securities and Financial Solutions Europe (or SFS for short), and is France’s largest specialist producer of construction-sector insurance. It also happens to be CBL’s largest client.
The company says this is an important strategic acquisition to further growth ambitions in Europe. SFS is CBL’s fifth European acquisition in the past 11 years.
The company also says completion and settlement of this deal is expected to happen just before year-end or early in the New Year.
CBL reported a net profit of $17.7 million at 30 June 2016.
