WA insurer HBF has forged an agreement with VenuesWest to assume sponsorship naming rights of a historic WA sporting venue.

The sponsorship will see Perth’s premier rectangular stadium, currently named nib Stadium, renamed to HBF Park in the New Year. The deal follows nib’s decision to ends its sponsorship of the stadium.

HBF CEO John Van Der Wielen said that as a high-profile, member-based, WA company, HBF is expected to be a force for good in the local community.

“It’s a responsibility we’re glad to accept, and this support of one of WA’s most historic community assets reflects our ongoing commitment to our home state,” Van Der Wielen said. “This is a site where West Australians have played and competed for over 100 years. We think it’s appropriate that it carries the name of a proudly Western Australian organisation.”

Van Der Wielen did not divulge the terms of the agreement but said the cost to HBF was modest compared to other corporate sponsorships in WA.