Rhodian Group has introduced Amparo, a surety bond underwriting agency, to the Australian market. The agency is led by Martin Ripoll and Liam Berry and is intended to provide alternatives to traditional bank guarantees for contractors and project principals involved in large and complex projects.
Amparo operates with financial support from Munich Re, via Great Lakes Australia, which is rated AA by S&P. The agency’s offerings focus on performance bonds for projects that require reliability, compliance, and financial resilience. Amparo uses resources from Rhodian Group in areas such as compliance, finance, claims, and technology. This arrangement is intended to meet governance and operational requirements, while allowing Amparo to focus on surety risks.
The launch of Amparo involves the use of Rhodian’s incubator model, which allows new agencies to begin operations immediately. This model aims to address the needs of complex infrastructure and project risks. Simon Lightbody, CEO of Rhodian Group, commented: “Amparo reflects Rhodian’s commitment to building agencies that empower brokers and clients through genuine expertise and partnership. With the strength of Munich Re behind us, we’re bringing a new level of confidence and capability to Australia’s surety market, one built for long-term relationships and sustained growth.”
Amparo’s products are developed for mid-tier and top-tier construction and infrastructure contractors, focusing on performance bonds for complex project requirements.
Amparo’s launch occurs as the global surety sector experiences changes. According to Aon’s 2025 Global Construction Insurance and Surety Market Report, the worldwide surety market is projected to grow at an annual rate of approximately 5% through 2025 and in subsequent years. If this pattern continues, the market size may reach US$30 billion by 2030. Growth rates are expected to vary by region and segment, with the US, parts of Asia-Pacific, and Latin America identified as primary contributors. Sectors including transportation, energy, and water infrastructure are expected to see significant growth.
Capacity and pricing for surety are projected to remain stable, with underwriters focusing on performance, risk management, and credit quality. Regulatory changes have increased the use of surety as an alternative to bank guarantees, as it does not affect credit lines, is considered an off-balance-sheet obligation, and may offer lower costs. Environmental, social, and governance (ESG) criteria are also being included in underwriting processes, requiring surety providers to evaluate how companies address these factors in contract execution.
Within the Asia-Pacific region, the surety market is undergoing changes too. Australia and Korea have established surety frameworks, while other countries in the region, such as China and India, are expected to increase their use of surety products, influenced by economic and infrastructure trends. The region’s infrastructure financing requirements are estimated at US$1.7 trillion annually through 2030.
In Australia, surety capacity is expected to remain stable, with broader application for both construction and commercial bond requirements. While pricing has remained unchanged in much of Asia, Australian rates have increased. For 2025, pricing is expected to be affected by supply and demand factors, with investment-grade clients likely to see the most impact.
The energy and banking sectors are expected to expand, while the residential sector may see slower growth. After a period of higher residential claims in parts of Asia-Pacific, the risk outlook for 2025 remains cautious, especially for construction-related guarantees in Australia, Hong Kong, and Singapore.
