IQumulate Premium Funding (IQumulate) has appointed Wayne Tower as its new chief executive officer after being with the firm for over four years.

Tower most recently served as IQumulate's chief commercial officer responsible for developing and implementing new partnerships to deliver successful growth outcomes. He was also responsible for overseeing the firm's operations and technology functions.

In his new role, effective on March 01, Tower will lead insurance funding specialists across Australia and New Zealand.

Meanwhile, Raj Nanra, the current CEO of IQumulate, said he intends to pursue further challenges this year outside of premium funding.

“I recently came to the decision that after establishing the new brand, strategy, and funding under the full ownership of Steadfast, the business is set up for the next stage of development,” Nanra said.

IQumulate chairman Bruce Bollom commented: “The Board wishes to thank Mr Nanra for guiding us over the last years and agreeing to manage the transition to a new CEO. We welcome Mr Tower to his new role.”