Broker and insurance technology group Ensurance incurred a larger loss in the six months to December 31 due to a one-off impairment charge and UK expansion costs.

It recorded a net loss of $5.58 million, compared with a $2.11 million loss in the corresponding period of 2016.

Overall revenue increased to $1.92 million from $1.61 million, but the $2.01 million impairment charge for software development costs and a spike in payroll expenses hit the bottom line.

Employment costs increased to $3.27 million from $2.27 million mainly due to appointments in the UK underwriting team.

Ensurance is building its UK business, having received regulatory approval to move from being an authorised representative to managed general agent.

It signed 50 new business arrangements with clients and brokers at the end of last year.

The company has also partnered with Swiss Re Corporate Solutions on construction and engineering insurance products in the UK and parts of the EU.