Vero has acquired 50.5% of a company that arranges contract surety bonds and commercial surety bonds for the construction and engineering industry in Australia and New Zealand.

Australian Surety Corporation trades as AP Surety, and Vero will become the issuer of its bonds.

Parent company Promina says the acquisition of the majority shareholding will further assist the group’s commitment to a business model of specialisation and focus.

AP Surety Group MD Peter Kohlmann, Director Rodney Russell and NZ MD Jason Sutherland will continue to operate the business with existing staff.