Underwriting agency Ensurance says its growth plans for the Australian market are “well underway” after making progress to work closely with brokers.

The business provided the update last week in its half-year earnings report for the six months to December.

In a separate release, Ensurance says CEO Tom Kent is taking on an additional role as Executive Director.

He founded TK Specialty Risks, which was acquired by Ensurance last year. Before establishing TK in 2015, he was the professional and financial lines manager for Axis Specialty Australia in SA.

Ensurance signalled intentions to re-focus on the Australian market with the acquisition of TK, a professional and financial lines-focused underwriting agency with a network of more than 70 brokers across the country.

TK Specialty Risks has since been rebranded as Ensurance Australia.

Ensurance has in the last few years been working to establishing its UK business, having sold its Australia-focused underwriting arm to 360 Construction and Engineering in 2020.

“Expansion plans are well underway for the Australian arm of the company,” the half-year earnings report said.

“Hardening market conditions coupled with recently developed in-house software tools has resulted in Ensurance Australia being able to partner closely with key brokers who are in need of fast solutions to complex insurance placements.”

Ensurance Australia achieved pre-tax earnings of $798,174 in the December half and nearly $1.26 million in total revenue. Ensurance did not provide figures for the corresponding half of 2020.

The UK business reported $102,961 in pre-tax profit, down from $360,201 a year earlier.

Ensurance says consolidated earnings for the half-year produced an overall net profit of $263,429, representing a turnaround from a year-earlier loss of $307,510.

“As a group, the UK and Australian divisions are now beginning to enjoy a strong camaraderie, laying the foundation for a resilient insurance business with global partnerships and a diverse set of products yielding increasing and sustainable revenue streams,” Ensurance said.

“The Australian and UK divisions continued to expand their broker networks, which has led to improved penetration in their respective markets and higher levels of deal flow.”