Former Zurich CEO Raj Nanra has replaced Rachael Lavars at the helm of premium funder Macquarie Pacific Funding.

Mr Nanra left Zurich in April and was succeeded by Tim Plant. His new position starts with immediate effect.

Ms Lavars, who spent 17 years with Macquarie and four years as CEO of Macquarie Pacific Funding, is understood to have decided to leave the company some time ago to pursue other opportunities.

“The timing was right to plan for a smooth transition to a new CEO,” she said.

“This decision was made easier knowing that Macquarie Pacific Funding has a strong team in place and with Wayne Tower, GM Sales, working with me closely over the past two years, we are well positioned to maximise the opportunities that lie ahead.”

Macquarie Pacific Funding Chairman Bruce Bollom says Mr Nanra brings more than 20 years’ industry experience and proven leadership skills.

“Mr Nanra will be focused on furthering the transformative work that has been under way across the business, which is driving enhanced value for customers and delivering a broader range of innovative financial solutions for the insurance broking sector,” he said.

Macquarie Pacific Funding is a joint venture between Steadfast and Macquarie Bank.