CBL-owned Assetinsure has acquired the renewal rights of Petroleum Bonds (PetroBonds) in Australia and New Zealand from Corporate Indemnity, which has been managing the business since 1995.

“It is business as usual following the deal and our commitment to deliver professional service and quality products is stronger than ever,” Assetinsure says.

“Assetinsure will be acting as a managing general agent and is authorised to issue fuel bonds on behalf of CBL Insurance.

“This will facilitate similar fuel bond transactions in other southeast-Asian countries, with the result that all such fuel bonds will be written on the paper of CBL Insurance.”

PetroBonds, a form of surety bonding, provides retail and wholesale petroleum dealers with an alternative form of contractual security to bank guarantees and the like.

Assetinsure is the largest surety bond insurer in Australia.