The buyer of British holiday giant Thomas Cook’s local arm says he will honour travel insurance policies written by the former parent.

Thomas Cook sold the Australian business to its local manager Mark Tarring after a disastrous northern summer caused its profits to fall by £88 million ($164.14 million). The company had launched in Australia just last year.

Mr Tarring has rebranded it as TildaTravel and is CEO. TildaTravel’s online platform combines multiple digital travel and financial services.