OAMPS sets up premium funding facility
Major broker OAMPS has established its own premium funding facility after Wesfarmers Insurance ended a preferential agreement with listed funder Centrepoint Alliance.
The new facility, Monument Premium Funding, will begin operating on September 1 following the expiry of the Centrepoint arrangement on August 31.
New OAMPS CEO Keith McIvor says the in-house premium funder is modelled on a successful NZ arrangement, where Monument Finance supplies fellow Wesfarmers-owned broker Crombie Lockwood.
He says clients will benefit from Wesfarmers’ investment grade credit rating.
Wesfarmers Insurance spokesman Robert Swinton told insuranceNEWS.com.au clients can expect a “fairly seamless” transition.
“Where premium funding is already written with Centrepoint it is secure to maturity,” he said. “We’ll be handling renewals from September 1, and we’re expecting it to be popular with small and medium businesses as it allows them to spread their payments over a 12-month period.”
The new facility, Monument Premium Funding, will begin operating on September 1 following the expiry of the Centrepoint arrangement on August 31.
New OAMPS CEO Keith McIvor says the in-house premium funder is modelled on a successful NZ arrangement, where Monument Finance supplies fellow Wesfarmers-owned broker Crombie Lockwood.
He says clients will benefit from Wesfarmers’ investment grade credit rating.
Wesfarmers Insurance spokesman Robert Swinton told insuranceNEWS.com.au clients can expect a “fairly seamless” transition.
“Where premium funding is already written with Centrepoint it is secure to maturity,” he said. “We’ll be handling renewals from September 1, and we’re expecting it to be popular with small and medium businesses as it allows them to spread their payments over a 12-month period.”