Skip to content
22 May 2013
Austbrokers has ended a six-year premium funding relationship with Pacific Premium Funding and signed a five-year deal with Allianz-owned Hunter Premium Funding.
The deal came into effect last week.
Austbrokers Group Services Manager Frank Gualtieri says the deal was struck after the most recent three-year premium funding contract with Pacific expired and the contract was put out to tender.
“We had a very happy and sound relationship with Pacific, but premium funding now features very strongly in our annual results, and to do the best by our shareholders and network partners we had to see what was out there,” Mr Gualtieri told insuranceNEWS.com.au.
He says the Hunter deal was the most attractive offer in the market, “and gives Austbrokers the opportunity to build on a very strong income structure”.
Austbrokers did not release details of the size of the new premium funding deal, but Mr Gualtieri says last year’s arrangement was worth $16 million.
Funding terms are under some pressure because of capital shortages in Europe, but Mr Gualtieri says Austbrokers “will not have an increase in rates. The Hunter relationship will be accretive for us.”
Allianz Broking & Agency Chief GM Jonathan Poole says Allianz has enjoyed a strong relationship with Austbrokers over a long period. “The appointment of Hunter as their preferred premium funder will further strengthen our relationship.”
The premium funding market in Australia is growing strongly and is estimated to have doubled since 2000 to around $5 billion annually. Funders typically cover 35-40% of premium income from insurance portfolios.
15 May 2013
Do you have excellent customer service skills, experience in the administration field and have general insurance knowledge? Then we are looking for you!
8 May 2013
Extremely strong aggregating brand I Warm referrals I Manage existing relationships
6 May 2013
Full-time position I Great team environment I Bring your knowledge and skills to a company who values expertise
29 April 2013
An exciting opportunity exists to join Willis at the Sydney practice as an Account Manager, providing risk management and insurance advice to a broad range of insolvency practitioner clients.
23 April 2013
We are seeking a dynamic individual to lead a team of 170+ employees, delivering exceptional claims services to a range of customers nationally, while maintaining a focus on service standards, efficiency and effectiveness.
23 April 2013
This position offers a pathway smf training for the right person seeking a rewarding career in a specialty field within general insurance broking.