Newcomer Pacific Premium Funding has bought Integrated Commercial Finance, formerly known as HIH Premium Funding – a move that MD Grant Burley says cements Pacific’s position as the largest independent player in the Australian premium funding market. 

Mr Burley said the purchase took weeks to negotiate. “The group is very pleased with the outcome and excited about the future,” he said. “After only four months of operations in the market, we are now potentially the second-largest premium funder in Australia on an annualised basis.”

The market is worth about $1.5-$1.8 billion a year, with premium funders reporting good business in a hard insurance market with low interest rates.

“The Integrated purchase is a good strategic fit that is sure to enhance Pacific’s presence, particularly in the Victorian and NSW markets,” Mr Burley said. “Numerous staff will transfer over to Pacific to assist the management of existing loans and to help ensure existing relationships with brokers and intermediaries are handled properly.” He said one of the immediate aims of the newly merged operation is to “renew business”.