ISSUE127 12 July 2017
CBL acquires stake in Allied Risk Holdings CBL Corporation has acquired a 40 percent stake in Allied Risk Holdings, a captive insurance management firm in Dublin, for €1.38 million.
Brendan Malley, current CEO of CBL Insurance Europe, is stepping down from the role to retire, but will take on a part-time claims management role within the company.
As part of the transaction, CBL has also taken on the senior management team of Allied, who will be appointed to CBL Insurance Europe’s senior executive team in Dublin.
Both the acquisition and appointments have received regulatory approval from the Central Bank of Ireland.
The new appointments include Larry Sherin as CEO, Neal Lamont as financial controller, Ronan Ryan as chief operating officer and Oliver Doyle as chief information officer.
Sherin said: “CBL’s solid relationships and good underwriting discipline has worked well in Europe in 2016 and their clear strategy of transitioning their European business into CBL Insurance Europe, and taking advantage of Brexit, has proven to be a good one.”