After saving Australian short film festival Tropfest from financial ruin last year, CGU has signed a new sponsorship deal covering the next three years.

Last November the 23-year-old event was cancelled due to financial mismanagement.

However, CGU came on board at the eleventh hour, allowing the festival to continue.

CEO Australian Business Division Ben Bessell says the partnership not only supports an important cultural event, but also allows small businesses involved with Tropfest to thrive.

“Tropfest is an iconic event for many Australians including small businesses,” he said. “We wanted to continue our support by seeing it through for another three years, and by helping create new opportunities for Tropfest to grow and evolve.”

Festival founder John Polson says he is “thrilled” to have the insurer’s continued support.

“Since we started in 1993 Tropfest has played a pivotal role in fostering the careers of some the biggest and brightest names in the industry,” he said.

“We are excited to be able to continue this tradition into our 25th birthday year and beyond.”