Ensurance ramps up Australia expansion

Ensurance is progressing with plans to step up its presence in the Australian market, following the opening of an office in Sydney at the start of the year, the underwriting agency says in update for the March quarter.

Its Melbourne office will open early this month, helping to service the business’s “growing” base of insurance brokers. The focus is to grow its share of the SME and Middle Market segments, according to the update.

Ensurance is re-focusing on Australia, having spent the last few years building up its UK business after selling its underwriting arm to 360 Construction and Engineering in 2020.

In March the business announced a three-year agreement with Liberty Specialty Markets, under which Liberty will provide capacity for Ensurance’s current professional risk portfolios as well as additional capacity to enable growth via new products.

Ensurance says in the March quarter update its Australian division has again seen an increase in premiums, particularly in the classes of professional indemnity and cyber liability.

“The scarcity of capacity, particularly in construction related classes, has contributed to growth in new business enquiries and retention rates across the Ensurance Australia renewal portfolio,” the update says.

“Additionally, the contract signed with Liberty Specialty Markets during the March quarter will deliver increased profit margins to the business.”

In the March quarter overall gross written premium (GWP) increased 62.3% to $13.4 million from a year earlier, revenue gained 45.8% to $1.46 million and pre-tax loss narrowed to $56,380 from $583,654.

The UK division produced another successful quarter, with GWP up 16.8% to $9.6 million, and in the nine months to March, GWP reached a record $28.8 million.

“The positive performance continues to be driven by organic growth within the company and an ever-increasing renewal book,” Ensurance says.