My Broker said he heard there has been strong offshore demand and that the priorty offer is now well oversubscribed. Looks cheap at 8.0x PE and pays a good yield, could be worth a punt.

I also found an article in the Australian Financial Review.

CBL priority pool oversubscribed
Kiwi insurer CBL Corporation's priority pool is oversubscribed as it seeks to raise NZ$132 million for a dual listing next month.
The priority pool is open to CBL's close business associates and partners, and was set at $10 million with the ability to take oversubscriptions.
CBL, advised by UBS, Forsyth Barr and Bancorp, will launch an institutional bookbuild on Thursday.
CBL, the largest and oldest credit surety provider in New Zealand, expects to list at between NZ$1.45 and NZ$1.85 a share, and raise between NZ$123 million and NZ$132 million. This will indicate a market cap of up to NZ$389 million.
The company, which sources a large chunk of its revenue from Europe, plans to use the money it raises for organic growth and branching out into new lines of business.
Management is expected to retain around 25 per cent of CBL's stock after it is listed.
Street Talk revealed that Forsyth Barr analysts had valued CBL at $NZ385 million to $NZ450 million in pre-marketing research.