Ensurance has formally exited its Australian brokerage business Savill Hicks, disposing of all capital in the business for $4.1 million.

The sum comprises a cash payment of nearly $2 million, a $200,000 cash deposit paid to Ensurance, a share buyback and entitlements that were assumed by the buyer.

Ensurance will use the money to build out its specialised insurance products, expand its underwriting resources and invest in sales and marketing to support global growth.

The group has initiated plans to extend its construction and engineering product line in the UK and has introduced a new cyber cover.