A subsidiary of Tokio Marine & Nichido Fire Insurance has acquired Sydney-based specialist underwriting agency Bond & Credit Company (BCC) for an undisclosed amount.

Tokio Marine Management Australasia (TMMA), also the managing agent of the Japanese insurer’s Australasian operations, announced the deal today.

It says the acquisition signals the Japanese insurer’s intentions to grow the business here.

“We are pleased to welcome the Bond & Credit Company to the Tokio Marine Group,” TMMA CEO Shigekazu Ueno said.

“With Bond & Credit’s underwriting expertise and Tokio Marine’s financial strength and global reach, this acquisition presents exciting opportunities for the group to grow and expand these lines of business across the Oceania region and other areas in the future."

As part of the deal, IAG has sold its shareholdings in BCC Surety and BCC Trade Credit to Tokio Marine, a spokesman for the Australian insurance group told insuranceNEWS.com.au.

Bond & Credit is confident the new owner will take the business to new heights.

“Our acquisition by Tokio Marine marks a new chapter for the Bond and Credit Company, allowing us to do even more of what we do best, offering truly innovative products to the trade credit and surety markets,” Executive Director Scott Newland said.

The agency achieved $36 million in gross written premium in the last financial year and has 24 employees in Sydney and Melbourne offices.

It offers products in surety, trade credit and mergers and acquisitions.