CBL is eyeing expansion in Australia and south-east Asia, as the Kiwi insurer looks to raise up to NZ$132 million from investors as part of a dual-public listing next month.   
CBL, the largest and oldest credit surety provider in New Zealand, expects to list at between NZ$1.45 and NZ$1.85 a share, and raise between NZ$123 million and NZ$132 million. This will indicate a market cap of up to $352 million (NZD$389 million).
The company, which sources a large chunk of its revenue from Europe, plans to use the money it raises for organic growth and branching out into new lines of business. 
"We plan to introduce some new lines of business into Australia, and we've got growth opportunities in south-east Asia. In Australia, we're looking to grow by being able to partner with AssetInsure particularly in the building risk sector," CBL chief executive Peter Harris, who is visiting Sydney this week, said in an interview with Fairfax Media. 

Big buy
CBL bought one of Australia's biggest surety bond insurers in Australia, AssetInsure, for $46 million this year. 
"Certainly south-east Asia - [we're looking at] Singapore, Thailand, Taiwan and Thailand, but they are a bit more in the future. The growth of our underlying business is what we focus on."  
Almost all of the company's current growth comes on the back of "some very strong relationships that we have with a small number of producers around the world", he said. 
The comments come after CBL registered its product disclosure statement on Monday with the Kiwi and Australian corporate regulators. It is looking to list on the Australian Securities Exchange and NZX.
The insurance group is raising funds from retail investors in New Zealand, and hopes to woo global institutional shareholders from Australia, NZ and overseas. 
CBL posted an operating tax profit before tax of $NZ36 million for the year to   December, a 38 per cent improvement from 2014. The company posted gross written premium or revenue of $NZ240 million. 

Substantial shareholdings retained
CBL's majority shareholders and senior management intend to retain substantial shareholdings following the IPO, and only intend to sell up to 15 per cent of their aggregate current pre-offer shares.
The company sources most of its gross revenue from international operations in Europe. CBL Group generates its gross written premium from writing insurance business, reinsuring business written by other insurers, and acting as an intermediary between brokers and insurers. 
"We believe much of our success is down to the long-term relationships we have developed with partners and distributors around the world, many of whom have done business with CBL for 10 years or more," Mr Harris said.
UBS, Forsyth Barr and Bancorp are the joint lead managers to the CBL float. Forsyth Barr said CBL posted 33 per cent growth in gross written premiums between 2011 and 2014, on a compounded annual growth rate basis, which had been achieved through acquisitions and organic growth.
"CBL operates a small employee base, with senior management heavily involved in the 11 man client relationships that currently drive revenue," the analysts said.