Let's not forget how CBL got into trouble :
https://www.nzherald.co.nz/business/...ectid=12004875
Went into Europe, bought businesses which were making losses - "it was having to strengthen the reserves for its French construction business by $100 million, and had made a $44m write-off, resulting in a likely after tax loss of between $75m to $85m."
And interesting enough, NBR investigation showed that :"CBL : The French Connection. Insurance Group's bosses owned personal stakes in SFS two years before its $110m acquisition."
"how a New Zealand-based company could have a competitive advantage writing builders insurance in France and this was a significant part of its insurance business."
https://www.nzherald.co.nz/business/...ectid=12004423
" CBLI paid 25 million euro, or around $42m, to Alpha Insurance of Denmark for reinsurance claims on February 16, despite the bank declining permission and ordering it not to make the payment, the affidavit says.
Between February 8 and Febraury 20, it also made other payments, with the total including the Alpha Insurance payment worth $55m."
The rest is history and let's wait for SFO report.