Ensurance books higher earnings, sale of UK arm to PSC cleared – Daily – Insurance News
Ensurance books higher earnings, sale of UK arm to PSC cleared
3 March 2023
Underwriting agency Ensurance posted higher first-half earnings, with profit for the six months to December rising to $325,728 from $263,429 a year earlier.
The results reflect mainly the continued efforts of the underlying business units in a market that is conducive to organic growth, Ensurance says.
At the same time the Australian arm is progressing with plans to expand its broker distribution networks, which has led to improved market penetration and higher levels of deal flow.
The establishment of a Casualty division in October last year, with new Environmental Impairment Liability and General Liability products due for release in the second half of this financial year, represents a “significant” area of potential growth going forward.
Ensurance says it continues to pursue new and alternative distribution models to complement its existing product suite, which will create additional revenue lines for the business.
It is focusing on the Australian market again after agreeing to sell its UK operations to PSC Insurance Group for $8.2 million.
Ensurance says regulatory approval for the sale has been received, paving the way for a targeted completion of the deal in the third quarter of the current financial year.
“The funds will be used to support the continued organic expansion of the company’s Australian operations and to target suitable business acquisitions in the domestic market,” Ensurance says.