Underwriting agency Ensurance says it is “perfectly positioned” for further growth in Australia, focusing on areas not covered by larger insurance providers.

The business is also planning to expand its range of offerings, using the $8.2 million in proceeds from the sale of its UK business to PSC Insurance Group to rebuild its Australian operations. The sale transaction is expected to close in the coming months pending regulatory approval.

The agency has focused on the UK since selling its Australia-focused underwriting arm to 360 Construction and Engineering in 2020.

But last year it acquired TK Specialty Risks (TKSR), an Australian professional and financial lines-focused underwriting agency with a network of more than 70 brokers across the country, signalling a shift in market focus.

“Ensurance is perfectly positioned to capitalise on market segments and opportunities that the larger insurance companies are not covering,” Chairman Tony Leibowitz said at the annual general meeting last week.

“We will also scale-up and release new products into our existing customer base.”

He says the UK sale proceeds will used to support the continued organic expansion of its operations here and to target suitable business acquisitions.

Ensurance is also undertaking a “thorough exploration” of new and alternative distribution models to complement its existing product suite, he said.

He says Ensurance’s main intermediated model, in which its products are distributed via “qualified” insurance brokers, continues to be its core focus.

“We now deal with more than 200 broking businesses and over 1200 individual brokers around Australia,” Mr Leibowitz said.

Meanwhile the business continues to perform strongly after booking its first ever profit – $273,745 – in the last financial year.

Mr Leibowitz says the September quarter saw “another significant” increase in revenue and profitability, with particularly strong growth seen in construction-related professional indemnity and cyber security insurance.