Surety guarantee provider Bonded Global Australia has been appointed an exclusive licensed intermediary with Tokio Marine & Nichido Fire Insurance.

The Japanese insurer is authorised by the Australian Prudential Regulation Authority to conduct insurance business.

Bonded Global, which formed in 2012 to assist construction companies with surety guarantees, plans to expand its business offerings.

“The business opportunity will assist small to medium-sized construction industry businesses with access to non-bank surety guarantees without the need for cash collateral,” Bonded Global CEO John Earwaker said.

 “The effect of this launch will create huge opportunities for the construction industry to use its capital more wisely and not have cash tied up in performance or retention guarantees.”