Centrepoint Alliance Premium Funding CEO Bob Dodd has hailed a “satisfying year” for the business.

“Our growth has been great but we also have our feet on the ground making sure the backroom operations are right,” he told insuranceNEWS.com.au.

“We have been increasing the number of brokers using us during the year, and that has reduced our concentration risk. Brokers see our business as sustainable.”

Premium funding revenue was $13.1 million for the year to June 30, with a net profit after tax of $1.6 million.

Total loans written in the year were $317 million, up from $284 million in 2010/11.

Bad debt expenses rose from $785,000 to $806,000. However, Mr Dodd says this figure includes credit insurance costs.

“There was no increase in the cost of insurance, indicating the quality of the business we have,” he said. “We have also renegotiated a new facility with NAB, which will give us better terms.”

Mr Dodd says controlling credit assessment and receivables insurance is crucial.

“My job is to make sure the brokers feel comfortable with our business,” he said. “Brokers are seeing we operate a quality business and that is reflected in our growing market share.”