CBL pushes on with plan for listing

Paul Donaldson had joined CBL's board as a non-executive director.

CBL Insurance has appointed a new director and is understood to be forging ahead with plans to carry out a stock exchange listing this year.

The Auckland-based company, which describes itself as New Zealand's largest credit surety and financial risk insurer, said Paul Donaldson had joined its board as a non-executive director.

Dublin-based Donaldson spent 38 years working for multinational insurer Royal Sun Alliance Group. He has been an independent director of CBL's European subsidiary, CBL Insurance Europe, since last September, and is also a former president of the Irish Insurance Federation.

Earlier this year, CBL hired UBS, Forsyth Barr and Bancorp Corporate Finance as capital raising advisers.

The company was previously aiming to list on the NZX and Australia's ASX before the end of June, but has hit delays.

A market source said the company was now aiming to register a prospectus either this month or early next month.

It is understood CBL is aiming to raise as much as $120 million through the offer, which would value the company at up to $400 million.

CBL, which is majority owned by managing director Peter Harris and deputy chairman Alistair Hutchison, reported a $36 million operating profit for the 2014 calendar year.