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Insurance

INSURER CBL CAPS EXPANSIVE YEAR WITH SFS ACQUISITIONS

New Zealand-based credit and financial risk insurer CBL Corporation has acquired Securities and Financial Solutions Europe (SFS) and IMS Expert Europe, SFS’s claims management operation. SFS is France’s largest specialist producer of construction sector insurance.

The EUR 94m deal is indicative of the ongoing trend towards consolidation in the global insurance and reinsurance sectors and is the latest in a string of corporate deals for CBL. The transaction was subject to numerous regulatory processes and consents, including a change in control from the Luxembourg Insurance regulator.

CMS was appointed to act for CBL following a multijurisdictional pitch to the client’s independent board and corporate finance advisers, coordinated by CMS London partner Helen Johnson.

Intensive work to complete due diligence and agree terms was undertaken in a short three-week period last year led by CMS Paris partner Jean-Robert Bousquet, with support from teams in our Luxembourg, Brussels, Rome and London offices.

CMS Luxembourg partner VivianWalry said, “This deal initiated by the leading insurance and reinsurance group in New Zealand showed the strength of the CMSorganisation and its ability to immediately gather a team of experts working together smoothly and efficiently across multiple jurisdictions. The transaction lasted several months and finally came to an end at the beginning of 2017 under the supervision of Jean-Robert Bousquet during a successful closing which took place on the CMS Luxembourg premises.“

The deal was the third significant corporate transaction CMS has been instructed on by CBL in the last ten months, following its IPO and acquisition of UK insurance intermediary, PfP.

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