Wesfarmers-owned OAMPS Insurance Brokers has launched a trade credit and financial services division.

The new team has been put in place to manage products related to trade debtor insurance, surety products, bank-related funding and securitisation needs for the Australian domestic and export market, says the broker.

The team is headed by Frank Burbuto, who held various senior roles at QBE over the past 25 years.

OAMPS Head of Corporate Banking Ross Castle says the new developments are “part of a deliberate strategy in the current uncertain economic environment” and the focus will be on meeting clients’ needs.

“We wanted to be able to offer our clients a really strong insurance and risk management capability,” he told insuranceNEWS.com.au.

“Trade credit is one of these areas, given the level of insolvencies in the economy and the level of political risk.”