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Cendant’s bonding arm signs up operators
Virgin Holidays, Travelpack and STA Travel have signed up to Bastion Surety, Cendant TDS’s independent bond provider.
The company was established last September by the Galileo parent company to offer bonding by insurance as an alternative to cash and bank bonds which can tie up capital.
Bastion chairman and Cendant TDS chief operating officer Chris Vukelich said the signing of such operators “clearly demonstrates that there has been a gap in the market for the bonding solution we offer”.
He added: “Travelpack is a long term Galileo customere which has given us a very clear understanding of Travelpack and its buisness cycles. Based on this knowledge we have been able to provide the company with a significant portion of their overall bonding requirements.”
STA Travel chief financial officer Mark Adams said: “We have been looking at using the surety markets to supplement our current bonding arrangements for some time. The arrival of Bastion and its willingness to provide significant bonding capacity at competitive prices has allowed us to do just that.”
Report by Phil Davies
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