Underwriting agency Ensurance says the business is in a “good position” to grow its Australian presence after completing the sale of its UK arm to Melbourne-based listed PSC Insurance Group for $8.2 million.

The two companies said last week the deal has received approval from UK regulator, the Financial Conduct Authority.

Under the terms of the agreement, 75% of the purchase price will be payable in cash and the other 25% via paid ordinary shares of PSC. The issue price of the shares will be determined by the average closing price of PSC stock for the 10 days prior to completion.

Ensurance CEO Tom Kent says the sale proceeds will allow the underwriting agency to “catalyse” its growth plan for the Australian market.

“Now we can look at acquisitions, work on new products. It’s a good position to be in,” Mr Kent told insuranceNEWS.com.au today.

He says one of Ensurance’s goals is to “achieve growth over and above market rates” and the business has been able to do so.

Ensurance is re-focusing on the Australian market, having worked in the last few years to establish its UK business after selling its local underwriting arm to 360 Construction and Engineering in 2020.

Mr Kent says the feedback from brokers has been positive.

“We’re finding that brokers just want more products, they want tailored service, they want to be able to have a discussion with an underwriter about a risk rather than just being told they have to log on to another quote and bind platform,” Mr Kent said.