Ensurance will sell its domestic retail brokerage business, Savill Hicks, to SHC Insurance for $4.1 million in a cash-and-share deal.

The agreement includes the entire brokerage operation, assets and management team, and is expected to close within two months.

SHC Insurance is a new company, with major shareholders including former Ensurance MD Stefan Hicks and Brett Graves, the CEO of Savill Hicks.

In May Ensurance announced plans to part with the business under a strategy to focus more on the UK, where it has received regulatory approval to be a managing general agent.

Proceeds from the sale will support Ensurance’s push in this area.

Executive Chairman Tony Leibowitz told insuranceNEWS.com.au this “new era” puts Ensurance in an “incredibly strong position to take advantage of global insurance markets”.

“The board of Ensurance has seen a vacancy in the Australian market for a global managing agent… we can now underwrite risk in Australia and internationally using global capacity,” he said.

“So we will become a global [managing general agent] – there is nothing like this in Australia. We will be an underwriter.”

Ensurance UK’s partners include XL Catlin and Swiss Re Corporate Solutions.