Macquarie Premium Funding (MPF) has finalised the purchase of GE-owned Pacific Premium Funding.

The deal was announced in Sydney this afternoon.

MPF is a 50/50 joint venture between Macquarie Bank and broker group Steadfast. In a statement issued this afternoon, the company says the acquisition “will bring together two of the industry’s market-leading premium funders, providing scope for further product and service innovation for insurance intermediaries, brokers and their clients”.

MPF CEO Gary Seymour told insuranceNEWS.com.au the merger of the two funders “realises a perfect opportunity. It’s a perfect fit for everyone involved – our people and our clients.

“I’m looking forward to working with [Pacific Premium Funding MD] Stuart White and his team,” Mr Seymour said.

The acquisition is subject to regulatory approval and is expected to be completed in January, with the integration period expected to take up to 12 months.

The statement does not mention logistical arrangements, leadership or the effect on staff of the two companies in the merger, and the companies involved have declined to comment.

Grant Burley, who founded Pacific Premium Funding in 2001, has resigned as non-executive chairman of the company.