Tokio Marine has acquired a 50% stake in Sydney-based online agency eSentry Underwriting as it looks to grow its business in Australia.

The Japanese insurer has not revealed the price it paid for the contract works and mobile plant specialist.

“This acquisition is part of Tokio Marine’s ongoing growth strategy in the region, and will underpin our sustained expansion [this year] and beyond,” Chief Underwriting and Distribution Officer and eSentry director David Boreham said.

“We look forward to continuing to build our presence and reputation in Australia.”

eSentry already has a working relationship with Tokio Marine, with its products underwritten by the Japanese insurer.