Wellington, March 31 NZPA - GE Capital is launching its Pacific Premium Funding business in New Zealand.

GE's existing insurance premium funding business in New Zealand will be rolled into the new Pacific Premium Funding operations, the company said in a statement.

Quenten Watkins will manage Pacific's New Zealand business and he will be based in Auckland.

Premium Financing involves the lending of funds to a person, or company, to cover the cost of an insurance premium. It is a specialist area of financing.

"In entering the New Zealand market we aim to become the funder of choice and we look forward to building strong, long-term relationships with local intermediaries, as we did when we launched in Australia in 2001," said Stuart White, managing director of Pacific Premium Funding.