Ann: ASSET: CBL: CBL Corporation Successfully Acquires PFP

• Release Date: 04/12/15 11:32
• Summary: ASSET: CBL: CBL Corporation Successfully Acquires PFP
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					CBL
04/12/2015 11:32
ASSET
PRICE SENSITIVE
REL: 1132 HRS CBL Corporation Limited

ASSET: CBL: CBL Corporation Successfully Acquires PFP

CBL Corporation (CBL) has successfully acquired 92% of Professional Fee
Protection (PFP) for ?7.5m. This completes the transaction announced to the
market on the 10th November 2015.

Full details in the press release that follows.

CBL completes UK acquisition

CBL announced today that it had successfully completed its acquisition of
leading British tax investigation insurance provider Professional Fee
Protection Ltd ("PfP").

The purchase price for its 92% holding was ?7.5m ($NZ17.0m), payable in cash,
with part of the purchase price held back and payable dependent on meeting
minimum annualised NPBT hurdles over next two years of ?1.5m pa.

Included in the purchase price was ?2.3m of net assets in the business.

Two senior executives Mr Kevin Ogoe CEO, and Mr James Howell, Sales Director,
have retained an 8% shareholding in the business. The principal owner Mr
Frank Pons, who founded PfP and owned 84% of the business, has retired from
?the business and will pursue separate non conflicting business opportunities
overseas.

Mr Igoe commented: "PfP, with a trading history of over 30 years, has
established a leading market position in the UK. We now look forward with
tremendous enthusiasm to being part of the CBL Group.  We are confident that
our business will continue to go from strength to strength using both
existing and new distribution channels.  Our links with CBL will provide
exciting opportunities for ourselves and our customers both in the UK and
overseas."

CBL Managing Director Mr Peter Harris added: "PfP not only complements our
business but it offers us significant business opportunities. PfP has a key
product and distribution channel that can be utilised for CBL products in UK,
and just as importantly, the PfP business model can be taken to other
countries particularly in Ireland and Australia where CBL has insurance
capability in both countries. We have confidence in the PfP management, and
look forward to support its growth. PfP are already the leader in the UK for
tax professional fee protection, but there is a lot of headroom yet for
growth."

?All staff have been retained, and the business will continue its business
operations in Essex, UK.

Mr Harris said that the 2015 year had been a momentous one for CBL
particularly with the company's listing on both the ASX and NZX. "The latest
acquisition was just one of a number that we have made this year. We will
continue to look for growth opportunities in the year ahead as we seek to
achieve excellent returns for our shareholders and great service to our
clients and business partners."

Ends

CBL Corporation Limited (CBL) is a specialist insurer and reinsurer focused
on credit and financial risk. CBL has eight offices spread across 25
countries and almost 100 employees. The company has been operating for over
42 years, and is listed on the ASX and the NZX Main Board. CBL's main
operating subsidiary is CBL Insurance Limited, which is a New Zealand
licensed non-life insurer supervised and regulated by the Reserve Bank of New
Zealand.  CBL also has a number of wholly owned subsidiary companies
including CBL Insurance Europe, which is a regulated insurer in Ireland. CBL
specialises in writing property and construction related credit and financial
surety insurance, bonding and reinsurance. CBL currently has an investment
grade rating of B++ (Good) and an issuer rating of bbb, with both outlooks
'Stable', from A.M. Best Ratings Agency.

PFP is the UK's longest-running fee protection provider - offering
outstanding expertise and market-leading support to help accountancy
practices strengthen their client relationships and grow their revenue.

For further information, please contact:
Geoff Senescall
Senescall Akers Ltd
+64 21 581 234
[email protected]
End CA:00274662 For:CBL    Type:ASSET      Time:2015-12-04 11:32:04