Irish Central Bank directs CBL insurance Europe to cease writing business

DUBLIN (Reuters) - Ireland's Central Bank on Monday directed CBL Insurance Europe, a wholly owned subsidiary of New Zealand's CBL Corp Ltd CBL.NZ, to cease writing new business with immediate effect while it works through a number of supervisory issues.

CBL Insurance Europe, which underwrites construction-related insurance, continues to operate and existing policies continue to remain in force, the central bank said in a statement.

CBL Insurance Europe is registered in Ireland and authorised to write business in Ireland and on a freedom of services basis in Belgium, Denmark, France, Italy, Norway, Romania, Spain, Sweden and Britain.

Reporting by Padraic Halpin; Editing by Adrian Croft