Expansive Australian company Ensurance has chalked up an increased full-year loss of $8.7 million, with higher revenue failing to offset rising expenses.

The higher costs include greater headcount to support the company’s global expansion, as well as a one-off $2 million impairment charge.

Ensurance Revenue grew 18.79% to $3.82 million, driven partly by the company’s successful launch into the UK market.

“The international business is expected to be significantly bigger than the Australian business within 18 months,” Executive Chairman Tony Leibowitz said.

“The group intends to leverage existing UK partnerships and capacity provided by global insurers to exclusively distribute new innovative products into the Australian market, to replicate the proven UK [managing general agency] business model.”

Ensurance UK has distributor partnerships with Swiss Re, Lloyd's and XL Catlin.