Exclusive: Former CBL-owned wholesale broker European Insurance Services Ltd will look to launch new products following its management buyout.
The firm has revealed that it is now looking to launch latent defect insurance and decennial liability insurance, as it seeks to “rebuild” its offering. Post understands that it will work with other insurers to retain its focus on those two areas.
EISL CEO Pierre Galeon said: “We see the management buyout as a great opportunity in the development of the business. The past months have been tumultuous in our industry and CBL ceasing activity has not helped.”
New Zealand-based CBL plunged into liquidation in February 2018. Its decline was felt further afield, with Danish unrated insurer Alpha blaming CBL for its own demise in March. Another CBL-owned broker, SFS Europe, placed itself into voluntary liquidation in July.
However, Galeon is positive that the MBO will allow EISL to get back on track.
He added: “The management buyout will allow an accelerated return to the normal course of business for our clients and staff, and will strengthen our positioning as an independent subscription agency centred on the satisfaction of its customers.”
The construction specialist, headquartered in Tunbridge Wells, is a big player in the French construction market. The firm employs 70 people across Kent and France. It boasts more than 1700 broker partners and partner agents.
The broker was bought with the backing of a group of investors, including Gaia Advisory Partners founder and managing partner Vincent Jacheet.
Jacheet said: “I am enthusiastic about this new partnership. We believe the EISL team has the expertise to help the company reach its full potential. Management has been joined by a group of highly qualified investors who have over 100 years of cumulative experience in the French and European underwriting, insurance, real estate and investment sectors. We remain keen to further build the business into a potent player in the French construction insurance market”.
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