Underwriting agency 360 Construction and Engineering has agreed to buy the local operations of Ensurance Underwriting for $1.1 million, plus an additional performance-related fee, as it continues to expand rapidly.

360 Underwriting Solutions was set up in 2017 by former senior Allianz executives Denis Morrissey and Chris Lynch.

Last year 360 acquired a 50% stake in online insurance underwriting agency eSentry, adding construction capability to its rapidly expanding portfolio.

360 moved into agriculture in June with a majority stake in specialist rural agency Insure That. It is also active in cyber, commercial, aviation, accident & health and commercial motor lines.

Ensurance Underwriting’s parent Ensurance is now based in the UK and focused primarily on the UK market.

Products offered by the construction insurance arm purchased by 360 include latent defects, owner builder and trades liability. An additional payment agreed to by 360 is dependent on the income from the latent defects product over the coming year.

Ensurance announced in May 2018 it would restructure to reduce IT and administration costs from its Australian operations. After the sale, Ensurance operations will consist of a UK base supported by a much smaller Australian corporate head office.

It says the cost-saving measures undertaken over the past two years, including the disposal of its non-core Australian brokerage business, have placed the company on a “clear path to positive cashflows.”