Pacific Premium Funding has launched operations in New Zealand, describing the market as a “good fit” for the business.

Pacific MD Stuart White says the GE Capital-owned premium funding specialist aims to become a market leader in NZ.

“This is an exciting development for us and a critical part of our growth plans for 2010 and beyond,” he said.

Pacific has appointed former SA State Manager Quenten Watkins to run the Auckland-based business.

Established in 2001 by Mr White and Chairman Grant Burley, Pacific Premium Funding provides services to about 60,000 firms in Australia.

In April 2008, GE Commercial Finance announced the 100% acquisition of Pacific, ending a previous joint venture arrangement established in August 2004.

Existing GE insurance premium funding operations in NZ will be incorporated into the Pacific business.