Broker group Steadfast and Macquarie Bank are to jointly purchase Pacific Premium Funding from GE in a deal expected to be finalised sometime in the next week.

The Steadfast/Macquarie joint venture will acquire 50% each of the GE Commercial Finance-owned operation.

insuranceNEWS.com.au has been aware of the negotiations for several weeks, but has not been able to confirm who will head up the new company, or establish how staff will be affected by the merger of the two premium funders.

The three companies involved have declined to discuss the merger until the negotiations, which are understood to have been running for some months, are completed and the sale agreement signed.

The merger will result in the premium funding market being dominated by the new Macquarie entity and Allianz-owned Hunter Premium Funding.

Meanwhile, Steadfast MD and CEO Robert Kelly has confirmed that the broker group’s initial public offering has been put back to July 1.

He told insuranceNEWS.com.au the two-month delay will allow Steadfast to take advantage of new transfer duties legislation. It will also mean the listed business will begin operating at the start of the next financial year.