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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