CBL Insurance IPO

[Leftfield]

It is always an education to read Warren Buffett's annual reports for Berkshire Hathaway.

This year's report contains this gem which is likely to apply to CBL.

"As well-known analyst V.J. Dowling has pointed out, the loss reserves of an insurer are similar to a self-graded exam. Ignorance, wishful thinking or, occasionally, downright fraud can deliver inaccurate figures about an insurer’s financial condition for a very long time. "

[Lola]

https://www.nzx.com/announcements/299449

Guess there will be a few really pissed institutions who participated in the directors' $60m sell down less than a year ago?

https://www.nzx.com/announcements/290012

Then, there's those who participated in the $60m placement to strengthen the company's balance sheet etc etc in September 2016.

Appetite for CBL obviously was very very very good!

Hello Blance me old mate.

Agree with you yet again. But you could have included with the aggrieved institutions (fund managers), the Chairman, Sir John , who bought 25,000 shares in his company off the market in February 2017.

Begs the question I reckon: He must have been a willing buyer so now that this bird's nest has unfolded, to a degree, how much did he really know about how things operated?

This thing is shaping as a novel or a movie in that it fits the saying " truth is stranger than fiction".

BTW Mr Harris wasnt just Ernest and Young's Entreupreneur of the Year 2017, but he was also voted Young Entreprenuer of the Year back in 1989. Actually given this latest stuff one cant disagree with the accolades in a kind of warped sense.

[trader_jackson]

BTW Mr Harris wasnt just Ernest and Young's Entreupreneur of the Year 2017, but he was also voted Young Entreprenuer of the Year back in 1989. Actually given this latest stuff one cant disagree with the accolades in a kind of warped sense.

You reckon Harris will still represent New Zealand at EY's World Entrepreneur Of The Year event in Monaco this June?
(competing for the title with winners from more than 60 countries - something tells me he doesn't stand a very good chance)

[Balance]

Hello Blance me old mate.

Agree with you yet again. But you could have included with the aggrieved institutions (fund managers), the Chairman, Sir John , who bought 25,000 shares in his company off the market in February 2017.

Begs the question I reckon: He must have been a willing buyer so now that this bird's nest has unfolded, to a degree, how much did he really know about how things operated?

He added the 25,000 to the 600,000 shares he already owned.

Guess he had no idea that the French acquisition made in January 2017 was going to be the catalyst to CBL's misfortunes?

[Lola]

You reckon Harris will still represent New Zealand at EY's World Entrepreneur Of The Year event in Monaco this June?
(competing for the title with winners from more than 60 countries - something tells me he doesn't stand a very good chance)

Yep I reckon he will.
Unless he can’t travel for whatever reason.

[hardt]

CBL group will still be around in 2050... ( maybe under different ownership by then )

They tried to grow too fast and spread themselves too thin... I still don't believe this is going to end as poorly as people think.

Time will tell...

Name an insurance company that hasn't been overcooked before.

[Balance]

CBL group will still be around in 2050... ( maybe under different ownership by then )

They tried to grow too fast and spread themselves too thin... I still don't believe this is going to end as poorly as people think.

Time will tell...

Name an insurance company that hasn't been overcooked before.

Difference, Hardt, is that CBL Insurance (the mainstay of the group's business) is being LIQUIDATED.

[Brain]

The reserve bank used the term interim liquidation. Is there a difference between interim liquidation and liquidation? Has anybody got any ideas?

[Balance]

The reserve bank used the term interim liquidation. Is there a difference between interim liquidation and liquidation? Has anybody got any ideas?

Appointing an interim liquidator can preserve a company’s assets pending the court’s determination of whether the company should be placed into final liquidation. This prevents further deterioration of a company’s financial position thereby increasing the likelihood of successful debt recovery.

[stoploss]

The reserve bank used the term interim liquidation. Is there a difference between interim liquidation and liquidation? Has anybody got any ideas?

It’s a little bit like that first profit warning from FBU .... you know it’s going to get worse ....