A group of surety providers has formally taken ownership of Sydney-based Assetinsure from failed New Zealand insurer CBL Corporation.

The Australian Prudential Regulation Authority last month gave clearance for Lombard Australia to proceed with the purchase. The sale price remains confidential.

Assetinsure CEO Gregor Pfitzer says Lombard Australia “looks forward to supporting the continued profitable growth” of his business.

“The new owners are happy with the positioning of the company in the market,” he told insuranceNEWS.com.au. “No name change is planned. Part of the rationale is to make use of the established brand name as a specialist insurer in mainly corporate areas of business.”

Lombard Australia is a holding company comprising an alliance of surety providers. The company is co-ordinated by Lombard Insurance, which has a working relationship with Assetinsure going back to more than a decade.

CBL Corporation’s financial troubles affected Assetinsure last year, with pre-tax profit down $2.4 million to $5.4 million.