The Irish Central Bank last week ordered CBLIE to cease writing new business with immediate effect and on Monday said that it was in a distressed financial position and had failed to address issues brought up by the bank in recent months.

CBL Insurance Europe, which underwrites construction-related insurance, 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 Conor Humphries, editing by Louise Heavens)