Steadfast-owned premium funder IQumulate says CEO Raj Nanra is leaving the company to pursue further challenges, and Chief Commercial Officer Wayne Tower will step into the top job from the start of next month.

Mr Nanra, a former Zurich CEO, has led the premium funding business since 2018 and oversaw its positioning under the IQumulate banner after Steadfast bought out joint venture partner Macquarie Bank.

“I recently came to the decision that after establishing the new brand, strategy and funding under the full ownership of Steadfast, the business is set up for the next stage of development,” he said today.

Mr Nanra has indicated his intention to pursue further challenges this year outside premium funding, Steadfast says.

Incoming CEO Mr Tower has been with IQumulate for more than four years and most recently was responsible for developing and implementing new partnerships as well as overseeing operations and technology functions.

“The board wishes to thank Mr Nanra for guiding us over the last years and agreeing to manage the transition to a new CEO,” IQumulate Chairman Bruce Bollom said. “We welcome Mr Tower to his new role.”

IQumulate works with more than 600 brokers to deliver premium funding solutions to more than 60,000 businesses across Australia and New Zealand, according to its website.