Underwriting agency Ensurance will focus on growing its UK business going forward after the business completed a two-year restructuring exercise that included the divestment of non-core operations.

The divestment included the sale last month of its Australian underwriting business for $1.1 million to 360 Construction and Engineering.

Executive Chairman Tony Leibowitz says the business has “reached the endpoint of a significant period of corporate restructuring, which has resulted in the streamlining of core operations, the stripping-out of unnecessary costs and the investment into a fast-growing UK-based business.”

“Although the impact of COVID-19 on the global economy remains uncertain, we are confident that the return on investment, as already demonstrated in prior quarters, will continue to accelerate, as we launch new products [and] expand our operations,” he says today in an investor update.

The UK business invoiced about £5 million ($9.6 million) in gross written premium (GWP) during the March quarter, up from under £2 million ($3.85 million) a year earlier.

For the June quarter, the business expects construction GWP to decline because of the virus lockdown measures in the UK but it sees a return to normalised levels in the following quarter.

“All other lines of business continue to experience consistent deal flow and renewal retention, and the impact of COVID-19 is not expected to have a material impact on UK business forecasts across these areas of the business, based on current trends,” Ensurance says.