Underwriting agency Ensurance has sharply reduced its losses in the past financial year to $1.4 million from $8.7 million in 2017/18.

Revenue from continuing operations more than doubled to $2.48 million from $1.21 million.

The improved performance was driven partly by its business in the UK, which has been the focus of expansion in the last few years.

Ensurance sees the UK as a key market and has invested to grow its business there. The UK business produced gross written premium of £7 million ($12.7 million), up sharply from £1.9 million ($3.4 million) in the previous financial year.

Several new products were launched including terrorism and sabotage cover as well as a cyber policy.

Annual policy renewals achieved an 85% retention rate, setting a strong base for recurring revenue this financial year.

At home, the agency launched in May its latent defects insurance product and disposed of its Australian brokerage business Savill Hicks for $4.1 million. The capital will be used to further grow the business.

“We are confident that the restructuring that has taken place and the ongoing investment into our business operations, capabilities and products support our aggressive expansion plans in the UK and internationally over the longer term,” Chairman Tony Leibowitz said.