Ensurance Chairman Tony Leibowitz has extended his loan of $2.5 million to the business for a further 18 months on improved terms, the underwriting agency says in an investor update.

The extension agreement includes the establishment of a $750,000 working capital facility.

“Ensurance is in a transition period with aggressive expansion plans over the coming years,” Mr Leibowitz said. “These loans will support the business in executing those expansion plans, especially in the UK.

“I continue to believe in the huge potential of the business and remain committed to its long-term success and the creation of value for our shareholders.”

The agency’s business is concentrated mainly in the UK after it sold its Australian underwriting arm last year to 360 Underwriting for $1.1 million.