CBL Insurance Europe DAC (Under Administration)
13 Fitzwilliam Street Upper
Dublin 2
Ireland

 

On 20 February 2020, having considered the financial position of CBLIE, and steps taken by the Administrator which were unable to restore the company to a sound financial footing, the Central Bank has lodged a petition with the High Court to seek a winding-up order and to have a Liquidator appointed to CBLIE. This action is also taken in the best interest of protecting policyholders. The matter is due for hearing before the High Court on 12 March 2020. A further update will be provided by the Central Bank following this hearing.

Après avoir examiné la situation financière de CBLIE, et les mesures prises par l'Administrateur qui n'ont pas permis de rétablir la solidité financière de la société, la Banque Centrale a déposé, le 20 février 2020, une requête auprès de la Haute Cour pour demander une ordonnance de liquidation et la nomination d'un liquidateur pour CBLIE. Cette mesure est prise dans le meilleur intérêt de la protection des assurés. L'affaire doit être entendue par la Haute Cour le 12 mars 2020. Une nouvelle mise à jour sera fournie par la Banque centrale à la suite de cette audience.

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CBL Insurance Europe dac ("CBLIE") is an insurance firm regulated by the Central Bank of Ireland ("Central Bank"). The principal operating activity of CBLIE was to provide a range of non-life insurance products in Ireland and in a number of countries within the European Union on a freedom of services basis. CBLIE specialised in construction related credit and financial surety insurance, professional indemnity insurance, property insurance, and travel bonding. These products were distributed through channels including Managing General Agents (MGAs) and insurance brokers.

On 19 February 2018, the Central Bank issued a direction to CBLIE instructing it to cease writing business with immediate effect, until further notice.

On 26 February 2018, the Central Bank made an application to the High Court to have Kieran Wallace, KPMG, appointed as provisional administrator to CBLIE. The Central Bank took this action to protect CBLIE policyholders. On 12 March 2018, Kieran Wallace of KPMG was appointed as Administrator to CBLIE.

On 19 February 2019, the Central Bank withdrew CBLIE's authorisation as granted under the European Union (Insurance and Reinsurance) regulations 2015, save to the extent necessary or appropriate for the continued appointment of the administrator and his ability to carry on the activities of an insurance undertaking in order to achieve the objectives of the administration. These activities are carried on with the consent and under the supervision of the Central Bank of Ireland.

On 9 December 2019, on foot of an update by the Administrator which indicated a deteriorating financial position, the Central Bank of Ireland has directed the Company to cease making claims payments with immediate effect. The Central Bank took this action in the interest of protecting policyholders. The Central Bank will require the Administrator to complete further work and provide further information in relation to the financial position of the Company by the end of January. The Company is recommending that policyholders contact their broker to arrange alternative cover as soon as possible. If you have any queries on your policy you should contact your broker or CBL.

On 20 February 2020, having considered the financial position of CBLIE, and steps taken by the Administrator which were unable to restore the company to a sound financial footing, the Central Bank has lodged a petition with the High Court to seek a winding-up order and to have a Liquidator appointed to CBLIE. This action is also taken in the best interest of protecting policyholders. The matter is due for hearing before the High Court on 12 March 2020. A further update will be provided by the Central Bank following this hearing.

 

For general queries please email: policyqueries.cblie@kpmg.ie
For claims queries please email: claimsqueries.cblie@kpmg.ie
  
Alternatively, you can contact by phone:  
France: +33 6 37 05 29 08
Italy: +33 6 37 05 29 08    (website: www.cblinsuranceeurope.it)
Romania: +33 6 37 05 29 08
Ireland & all other countries: +353 1 410 1797 / +353 1 556 1354

 

CBL Insurance Europe DAC (Under Administration) is regulated by the Central Bank of Ireland
Company Registration Number 218234

Registered Office:
13 Fitzwilliam Street Upper, Dublin 2, Ireland
www.cblinsuranceeurope.com
Tel: +353 1 556 1534