Ensurance CEO Tom Kent says the underwriting agency achieved a “big turnaround” to book its first-ever profit, as the business proceeds with its growth plans for Australia – a market it briefly left in 2020 to focus on the UK market.

The underwriting agency announced last week a full-year net profit of $273,745, following a $1.3 million loss in the preceding 2020/21 fiscal period, while gross written premium grew to $57 million from $35 million.

Ensurance says the results reflect its ongoing strategy to establish the underwriting agency as a “rapidly” expanding provider of specialist insurance cover.

“It’s obviously a big turnaround in the past 12 months,” Mr Kent told insuranceNEWS.com.au.

“This is a big moment for us but more importantly I think it just hails the start of a new beginning. The next 6-12 months are really for us all about adding more diversity into our product set.”

Ensurance is eyeing the Australian market again, having focused on the UK since selling its Australia-focused underwriting arm to 360 Construction and Engineering in 2020.

Last year the business acquired TK Specialty Risks (TKSR), a professional and financial lines-focused underwriting agency with a network of more than 70 brokers across the country.

Ensurance plans to use the proceeds from the sale of its UK operations to Melbourne-based PSC Insurance Group to support its Australia return. The $8.2 million non-binding agreement with PSC is still undergoing due diligence process.