Centrepoint Alliance Premium Funding has pulled out of the New Zealand market, one year after announcing its expansion there.

CEO Bob Dodd told insuranceNEWS.com.au the company will cease writing new business in New Zealand with immediate effect, but all existing business will be honoured.

“We have reviewed our strategy and after analysing the long-term perspective we have decided to focus instead on investing in new technologies and opportunities in Australia,” he said.

“One year in, we were not reaping the benefits we expected. We were anticipating more support.”

Mr Dodd confirmed Auckland-based National Manager Business Development Mark Kreling will not continue with Centrepoint.