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Bond & Credit sees growth in Tokio Marine deal

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Specialist underwriting agency the Bond & Credit Company (BCC) is confident it can grow under new owner Tokio Marine & Nichido Fire Insurance.

The Sydney trade credit, surety and mergers and acquisitions insurer has been sold to the Japanese insurer for an undisclosed amount through subsidiary Tokio Marine Management Australasia, which is the managing agent of branch operations here.

“Our acquisition by Tokio Marine marks a new chapter for the Bond & Credit Company,”Executive Director Scott Newland said.

IAG has sold Tokio Marine its stake in BCC Surety and BCC Trade Credit, entities owned by the business, the Australian insurer told insuranceNEWS.com.au.

Tokio Marine CEO Shigekazu Ueno says the combination of Bond & Credit’s underwriting expertise and Tokio Marine’s financial strength and global reach “presents exciting opportunities for the group to grow and expand these lines of business across the Oceania region and other areas in the future”.

The Bond & Credit Company achieved $36 million in gross written premium last financial year and has 24 employees in its Sydney and Melbourne offices.