Underwriting agency Ensurance has announced a share entitlement issue to raise up to $3.79 million for its growing UK business.

The funds will be invested in additional underwriting resources, product development and a new IT system, it says in a statement to the ASX.

Ensurance has been focusing on the UK market, having introduced several products over the past few months.

The company says its terrorism and sabotage cover launched in May has been more successful than expected, and Ensurance plans to use about $495,000 from the share placement to support the product’s growth.