CBL Insurance IPO

[minimoke]

Think you've set the bar too high ($100m) there, as prospects such as AWF and EVO escape the net.
And that makes PEB much too easy as a target. So I'll pass on it.

That said, here goes, ranked highest to least; OHE, TRA and NZO.

i'll play. SKY. With huge writeoff of Goodwill (is there a bigger trough with piggy snouts in it?)

[BlackPeter]

This horse has been well and truly flogged on this site.
Can I suggest a new game and call for suggestions of which NZX 50 stock will be next to bite the dust.

After all most of the comments on CBL have been made with the benefit of hindsight.
Let’s see how good we really are.
A start point for some will obviously be to look at sponsoring Brokers and go from there.

Actually - I think we only did enough flogging if & when all the people responsible for this mess sit behind bars. Given that they don't (yet) - clearly not enough flogging done.

Still a good idea to consider who is next? I'd propose to start with the companies who have similar quality of governance like CBL had. However - THIS is the CBL thread! Shouldn't this go into a new thread? We could even start another competition - the winner is who correctly predicts (and in advance) the most defaulters during the calendar year.

[minimoke]

Still a good idea to consider who is next? I'd propose to start with the companies who have similar quality of governance like CBL had. However - THIS is the CBL thread! Shouldn't this go into a new thread? We could even start another competition - the winner is who correctly predicts (and in advance) the most defaulters during the calendar year.

I've got first dibs on MJP. It used to have a market cap of $100m - currently listed on ASX but about to appear for a short time on NZX Alternative market. (we do need a separate thread!

[blackcap]

Exactly. There no reason for this to be listed because they don't have purpose other than
to put the cash into the managers and directors pockets. They ain't gunna stop that are they??

Ah yes, I thought this was a comp to see which stocks are going to go bust. But yes to leave the market is a distinct possibility indeed

[Balance]

OHE ... u beat me to it
Not that the Kapiti guru would agree
FNZ floated it you see

Now unBal
Your turn

OHE wouldn't go broke. It will get taken over first.

PEB - floated by Forsyth Barr eon ago and with Harbour as a shareholder (and was with Wynyard and CBL too!) - they know how to pick 'em!

Forsyth Barr - Feltex, Wynyard, CBL and one could also add, Credit Sails and South Canterbury Finance!

[Snow Leopard]

CBL seems to be a much misunderstood company.
I just hope that it is not me doing the misunderstanding.

Best Wishes
Paper Tiger

Well, so much for hope as an investment strategy !

Best Wishes
Paper Tiger

[hardt]

Well, so much for hope as an investment strategy !

Best Wishes
Paper Tiger

Those that thought they understood CBL only understood what was available to the market... at face value, a rather sound business.

Although I am angry at myself for getting it wrong... I can still justify the initial investment given what was in front of me.

From being up 20% to possibly being down 100% was not on the list of outcomes I had in mind... 3% of my portfolio so could be worse.

[Balance]

As expected, an avalanche of articles and assessments about CBL :

http://www.nzherald.co.nz/business/n...ectid=12004875

Excerpt : "But in an email Harris said there was a wider story to be told about how CBL got to where it is and where it might be heading. "The facts will show some mistakes we have made, and the cause and effect of those, and just where we are and why, along with our plan for dealing with these issues."

Fair enough - should provide the guy a chance to give his side of the story. So put away those stones in the meantime?

https://www.insurancetimes.co.uk/col...426527.article
https://www.insuranceage.co.uk/insur...ance-affidavit

Alpha & Elite named as the two insurance companies CBL paid money to, in contravention of RBNZ's instructions.

Of concern is this : "Elite went into run off in July 2017 and the legal document noted that at the time PwC, which was conducting a report into Elite, was concerned about CBL’s ability to meet reinsurance obligations to Elite.
PwC also questioned the sufficiency of CBL’s reserving and said CBL’s reserves were materially lower than those of Elite, a Gibraltar legal expenses insurer."

Alarm bells here - CBL's situation was already of concern way back in July 2017.

Who knew, why was the market not advised and who sold shares with that knowledge?

[Balance]

http://www.nzherald.co.nz/business/n...ectid=12005410

Brian Gaynor with his take on CBL.

Sorry, Brian but you are/were of the biggest supporter of wunderkid Weldon's style of running NZX (into the ground) so your criticism of the NZX means bugger all.

[whatsup]

http://www.nzherald.co.nz/business/n...ectid=12005410

Brian Gaynor with his take on CBL.

Sorry, Brian but you are/were of the biggest supporter of wunderkid Weldon's style of running NZX (into the ground) so your criticism of the NZX means bugger all.

Bal, don't forget that Brian G used to be or still is a contributor to this forum, a very badly needed one I might add.