Australian insurer Ensurance secures regulatory approval in UK
Australian construction insurer Ensurance has gained regulatory approval to operate as a MGA and also made a series of high-profile appointments, the company has revealed in a market update.
The company said that since incorporation in August 2016, Ensurance UK, which specialises in construction and engineering insurance, has expanded its footprint and reach significantly into major global markets of UK and Europe.
Critically, on December 22, it secured approval from the Financial Conduct Authority (FCA) to operate as a fully authorised MGA. “This is a major milestone for EUK as it now means that the company is a fully authorised MGA, all within less than 18 months since being incorporated,” said Tony Leibowitz, Ensurance executive chairman.
It also said Jim Connolly had joined as chief operating officer (COO) to assist in growth plans as well as introduce Latent Defects and Property Owners to the Ensurance lines of business. Connolly previously held the position of Insurance and Risk Manager for Canary Wharf Holdings and Land Securities and most recently Construction Specialist for JLT Dubai.
It also said it has identified exceptional underwriting talent in the Property Owners and Casualty sector that will join EUK in early 2018.
Since entering the UK market, EUK said it has reported gross written premiums (GWP) of £614,201.36 (A$1.1 million). For FY2018, EUK is expected to generate around A$1.4 million revenue from 50 signed-up brokers, contributing significantly to the Ensurance Group’s cash flow for FY2018.
It also noted it is seeking new lines of business that complement the core construction focus. These lines of business include, but are not limited to, cyber liability, marine cargo and directors and officer’s liability insurance (D&O).
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