https://www.interest.co.nz/news/5969...after-striking

Was the writing on the wall 6 years ago?????

Excerpt :

"S&P has cut CBL to BB- with a negative outlook from BB+. S&P also said CBL, which is licenced under the new Reserve Bank prudential regulation regime for insurers and was formerly known as Contractors Bonding Ltd, has governance that's "less than adequate" with its board lacking independence from management."

"CBL now has reduced tolerance and ability to absorb shocks because of its weak risk based capitalisation, financial leverage, modest financial flexibility from entrepreneurial ownership, as well as concentration and credit quality risk regarding its investment assets," S&P said."

Looks like CBL switched its ratings agency to A.M Best in 2013.