Regional insurer CBL has sold 8.5% of its issued capital, 20 million shares, in an effort to increase its share market liquidity. The shares were discounted 11% from Tuesday’s AU$3.35 and offloaded at just AU$3.00 per share.
The managing director of CBL, Peter Harris, sold five million shares. Alistair Hutchinson, CBL’s deputy chairman, sold 5.4 million shares. The 9.6 million additional shares sold by senior management brought the total amount that was generated to $65 million.
A number of investors from Australia and New Zealand made the purchases after the shares had bee released from escrow. This was shortly after the company’s 2016 fiscal year results were announced in February of 2017.
Peter Harris, who served as the Managing Director and CEO of CBL lead an international team. The team provided reinsurance and specialty insurance based on financial risk and credit within the contracting, building, and construction industries. He has expressed that the key to growth within international markets is building quality partnerships. By building strong partnerships with world-renowned distributors who were experts in their fields, Harris elevated CBL to an international level.
As the developer of a successful growth strategy that made CBL an international corporation, Peter Harris took CBL from just two Auckland employees to more than 550 in 25 countries.
He lead the company through its listing on both the NSX and AASX. In terms of annual GWP, Harris oversaw the growth of CBL to morph into the largest insurance company owned by New Zealand. Under his tenure, the company achieved an A investment grade rating and a positive outlook for financial strength from AM.
Peter Harris began as a manufacturing executive and investment banker prior to CBL. He moved into finance in 1989. The United Kingdom Financial Conduct Authority and the Central Bank of Ireland recognize Peter Harris as an “Authorised Person”.
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Highland Capital Management is one of the top investment firms in the United States and is worth more than a billion dollars today. They first began working in the leverage loan market where they thrived and eventually became more diverse as the years progressed.
The firm was responsible for designing the first software to electronically track loan portfolios, which is used by a majority of loan managers. They sold the software to JPMorgan Chase in 2003.
They’ve gotten involved in more asset classes such as public equity and real estate, and they’ve established headquarters for their company in locations in the U.S and internationally. Highland Capital is well trusted and heavily regarded for its success over the years, but they wouldn’t be who they are or even exist without the hard work of James Dondero and Mark Okada who founded the firm together in 1993.
Recently Highland Capital Management has announced to everyone that Mark Okada would be retiring from his current sitting position. The firms are sad to see him go, however, he will be maintaining a role as a senior advisor until the end of his tenure at the end of 2019. View Additional Info Here.
After he is gone, Highland’s James Dondero will oversee all of the business matters associated with the firm and their other associated companies. Dondero credits Mark Okada for the growth of their company from a small firm to a multi-billion dollar trusted investment company. They’ve spent 30 years together achieving the trust of their clients and building a strong, trustworthy community of their own. Go Here for related Information.
Highland Capital Management says that they believe they will continue thriving and hope to continue their growth in Okada’s absence. Mark Okada says that he is excited about this new phase not only in his life but in his career and he can’t wait to see what’s in store for him. With any hope, he’ll keep in close contact with his old colleagues.
Visit their LinkedIn profile on https://www.linkedin.com/company/highland-capital-management-l-p-
It wasn’t exactly shocking news to learn from Highland Capital Management that their co-founder Mark Okada was stepping down from his role as the co-founder of the firm. He had been telegraphing that exact move for some time. That being said, it was still with sadness that some took the news.
Mark Okada had teamed up with James Dondero back in 1993 to start to form the Highland Capital Management firm. The two believed and still believe that with their knowledge of alternative credit markets that they could create something that investors could latch on to. The pair was right in that assumption as they were able to build up something that today is very powerful and influential.
James Dondero commented on the departure of his co-founder and friend Mark Okada from Highland Capital Management. He said that he applauded the efforts of Okada to help him build out this firm. He pointed to the fact that Highland Capital has been able to weather various economic storms over the years and still always came out ahead. That is not something that every firm can say. Dondero says that this would not have been possible without the help of Okada.
Highland provides a number of industry leading benefits to promote employee success and wellbeing, and has been recognized by Pensions & Investments as one of the “Best Places to Work in Money Management”.
The team has been working hard to make sure that everyone is up to speed on the responsibilities that Okada usually handles by himself. They wanted to ensure that senior officials could take over where Okada left off as he was headed out the door so that there would be as little disruption as possible during this time. Go Here for more information.
Highland Capital Management has definitely benefited from having such an intelligent and thoughtful individual at the helm all these years, but they also are happy that he has found other passions that he wants to explore. They are interested in seeing where this next leg in his life journey will take him. We will all wait with anticipation to see how it goes. Visit This Page for additional information.
Related article: https://www.prnewswire.com/news-releases/mark-okada-to-retire-from-highland-capital-management-300927407.html