Surety is an underwriting agency created via the strategic alliance between IAL and the Bond and Credit Company.
Improve the capital value of your business through contract Surety Risk Mitigation Solutions that will free up collateral and cash flow. At Surety this is all we do.
Our Surety Products are underwritten by Insurance Australia Limited("IAL"). IAL is licensed and supervised by the Australian Prudential Regulation Authority ("APRA") and is licensed to operate in Australia. IAL has been providing insurance to Australians for over 160 years and is part of the Insurance Australia Group (IAG). Standard & Poors has reaffirmed a financial credit rating of AA- for IAL.
Provides security to the beneficiary against contractor non-performance or default, and supports contractor obligations during the contract period, and generally, more specifically through the construction phase of the contract.
Supports a contractor's bid or tender to ensure that they will enter into a contract if accepted: demonstrates the financial capacity to enter the contract.
Advance Payment bonds
Secures the beneficiary's position on funds advanced to the contractor in recognition of early contract tendering expenses or payment in advance of works being completed; this is common with large government contracts.
Retention Release Bonds
This is another name for performance/maintenance bonds as contracts allow for retentions to be held back from progress payments or for security covering the same value.
Secures contractor's post-practical completion obligations during the warranty or latent defects period, usually 3-12 months post-practical completion or the final completion date.
Off-Site Material Bonds
Used when goods or materials are held off site and paid for by the beneficiary. The bond responds if the goods or materials are not available when required for use in the contract – the bonds reduce when goods or materials are fixed to the site. The underlying issue/risk falls back to performance or non-performance under the contract.
Petroleum Bonds (Fuel Bonds)
Fuel Bonds are a form of surety known as a supply bond for the payment of the delivery of fuel and provides retail and wholesale petroleum dealers with an alternative form of contractual security to their existing bank guarantees facilities. This product is unconditional and recognised and accepted by all the leading oil companies and will be targeted to our existing and future clients who are the known larger participants in this industry.
A lease bond is an unconditional undertaking that guarantees performance to a beneficiary that the lessee will abide and comply with the terms and conditions as stipulated in a lease agreement. The terms of these leases will vary from bond to bond, however the underlying obligations will remain the same. Essentially these bonds include:
1. “Make Good Bonds”
to cover the risk that a premises is maintained at an agreed level of physical condition;
2. “Lease Incentive Bonds”
to cover the risk of a new tenant defaulting on their contractual lease obligations once they have received the benefit of an incentive to enter into another lease; and
3. “Lease Payment Bonds”
to cover the risk of non-payment of a lease, with the amount usually structured as an agreed component of an annual payment or as is deemed commercially accepted pursuant to an agreed lease contract.
Murray Ironfield, Head of Surety
Murray has over 40 years’ experience in the Australian banking and finance markets, where he has held senior roles in both the surety and banking sectors. He joined NewSurety on October 30, 2013 as the operation’s second hire and became the National Underwriting Manager. Then in March 2016 he took on the role of Head of Surety. As a leader, Murray believes in structuring teams in a way that team members are mentored and encouraged to become leaders in their field.
Prior to joining NewSurety, Murray successfully co-founded an Australian surety business, which he was with for ten years. He also helped established some of the organisation’s international operations and became the global contact for all surety business units in London, Paris, New York, Singapore and Hong Kong. Over the past 16 years Murray has maintained a strong relationship with the Australian Surety Association (ASA), where he has held senior positions including President and Vice President. He has also played vital roles in various sub committees and working parties, which have presented to government, to the Australian Prudential Regulation Authority (APRA) and to independent ratings agencies. Murray is also an active member of the Australian Institute of Public Accountants.
TOBY GUY, EXECUTIVE DIRECTOR
Toby has two decades of experience in the insurance industry covering the full spectrum of insurance and reinsurance company operations. Toby commenced his career at Munich Re taking on several leadership roles, involving a number of business areas that required a strong understanding of domestic and international insurance solutions, including business development, underwriting, financial and operational management. Before leaving Munich Re he was, Corporate Manager of Great Lakes Australia a specialist insurer within the Munich Re (Group).
In 2012, Toby moved to Austagencies, one of Australia’s leading underwriting agencies, as General Manager where he lead the development of innovative new products and focused on delivering operational efficiencies, increased profitability, and organisational growth year on year.
In his current role as Executive Director at the Bond and Credit Company, Toby is building and leading a new style of underwriting agency in Australia which focuses on bancassurance business with a solutions focus for selected clients in the Australian market.
SCOTT NEWLAND, EXECUTIVE DIRECTOR
Scott has over 30 years’ experience supporting customers in the financial services sector, where he has held senior roles for major international and domestic banking and insurance institutions. He has an extensive background in investment banking and is a leading authority on contract surety bonds in the bancassurance market. Scott is the principal of a leading, solutions-based bancassurance underwriting agency that now forms an integral part of the Bond & Credit Company. He is also currently establishing a new insurance business with an Australian Investment Bank, as well as a new, Non-Bank Financial Institution business with a major foreign investment bank.
Scott has also created a Non-Bank Financial Institution business for a major Australian insurer operating in a global environment. His success is built on his approach, which is both collaborative and consultative as he negotiates with key stakeholders, including treasury, strategic, product development and regulatory bodies, to develop new capital management solutions for both the public and private sectors. Scott has created many transaction solutions covering a wide range of asset and product classes, which is testimony to his strong C-level relationships.
PETER KOHLMANN, NATIONAL UNDERWRITING MANAGER
Peter Kohlmann joined the NewSurety Team in June 2015. Peter has worked in the Australian Surety industry since 1999 when he joined AP Surety as Group General Manager. Following a management buyout Peter became a principal of the business which later formed a joint venture with a major insurer and the business ultimately being acquired by the insurer, in 2011.
Peter remained with the insurer for 12 months handing over and integrating the business, he then took a well earned break travelling extensively with family, before managing family property interests. Peter continued to monitor and research the Australian and New Zealand construction and surety markets.
Prior to joining the Surety market Peter gained extensive experience in the Australia banking sector. Commencing with the ANZ Bank where he undertook both front and back office roles through to international trade, credit assessment and managerial positions. This continued with Lloyds Bank ANZ, Barclays Bank Group and St George. During the accumulation of 20 years banking sector experience, Peter completed and MBA.