Underwriting agency Ensurance says its business has made a “strong start” to the current financial year, with the UK operations generating profits for the first time since it began trading there a few years ago.

In an investor update last week, the Australian-listed agency says total revenue rose 128% in the first quarter from a year earlier. The increase was driven by strong renewals and growth in new business.

“As at the end of September 2020, the UK operation is in a profit-making position,” Ensurance says.

The UK business, which is entering its fourth year of trading, is continuing “its expected upward trajectory” despite the ongoing economic uncertainties created by the pandemic.

Gross written premium from the UK business increased 64% to nearly £4 million ($7.3 million) from a year earlier, a sign of the agency’s success in building its presence there.

The agency is now solely focused on the UK market, having fully divested its Australian operations in the June quarter.