Centrepoint Alliance Premium Funding has agreed a 30% increase in its finance facility, taking the limit to $189 million.

The deal with the Bendigo and Adelaide Bank and existing partner NAB also provides lower interest margins and fees, plus an increase in the facility term to two years.

CEO Bob Dodd told insuranceNEWS.com.au the deal will facilitate medium to long-term growth.

“Having the agreement with two banks reduces concentration risk and, as a result of the performance of the business, we were able to negotiate improved terms.

“We can pass this on to our broker customers, enabling them to present much more compelling reasons to their customers for premium funding.

“It was important to extend the term as well. We can focus on revenue growth and service to brokers without having to review funding every 12 months.”

Mr Dodd says the company’s partnership with Steadfast, announced last September, is a “terrific opportunity” for the year ahead.

Meanwhile, at group level, Centrepoint Alliance has appointed John Cowan as CFO following the resignation of Glenn Toohey.