The Bond & Credit Company is the new owner of NewSurety underwriting agency, having bought the share previously held by Austagencies.

Executive Director Toby Guy told insuranceNEWS.com.au the group will also introduce two new products – trade credit, and mergers and acquisitions insurance – under the Bond & Credit brand next month.

NewSurety will be brought under the Bond & Credit brand by the end of the year.

“A year ago we decided to expand and we were heading in a different direction [to Austagencies], so we offered to buy it out,” he said.

“The future looks very exciting.”

Martin Larkman has been recruited from AIG to lead the mergers and acquisitions operation, while Greg Brereton, formerly of QBE, will run trade credit.

Murray Ironfield continues as Head of Surety.

CGU provides security for all Bond & Credit products and also owns an equity stake in the business.

“In the mergers and acquisitions space, we saw an opportunity for a local player to come into the market,” Mr Guy said.

“There isn’t much competition and brokers are looking for alternatives. With trade credit, QBE is the main player and our ambition is to compete with it.”