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New Zealand's CBL to acquire French insurer

CBL Corp. Ltd. plans to acquire France's Securities &Financial Solutions Europe SA for an expected €94 million.

The acquisition will include the French insurer's claimsmanagement operation, IMS Expert Europe SA, CBL said June 23.

Of the total purchase price, €11.4 million will be paid overtwo years following the deal's completion. The acquisition will be funded by acombination of cash, bank and vendor funding.

The proposed deal is subject to the necessary regulatoryprocesses and approvals and is expected to be completed by the end of October.The acquisition will likely be earnings accretive in the first full year of CBLownership, the company said.

Securities & Financial Solutions Europe is CBL's singlelargest client, writing the largest proportion of the New Zealand insurer'sFrench construction-sector insurance products. The planned acquisition willhelp to remove the distribution concentration risk that SFS represents to CBLin being such a large client, said Peter Harris, managing director of CBL.