Ensurance has announced that it is set to launch a significant operation in Europe as it looks to disrupt another major market.
The firm, which owns SHC Insurance Brokers, Ensurance Underwriting and Ensurance IT Solutions, has set-up operations in the UK with an MGA which will initially specialise in construction and engineering.
Ensurance UK will be led by Tim James, who joins the UK operations as CEO and will lead a team of 12 that will look to build up business in both Europe and the UK, which is set to have a “flow back” benefit for the Australian business.
Stefan Hicks, managing director of Ensurance, said the firm has also been able to partner with major international insurers as security for the new MGA, as the business looks to increase its scope.
“This is further qualification of third party acknowledgement of the presented quality team and business plan,” Hicks said.
“By partnering with these exclusive insurers it will enable Ensurance to expand into global territories previously unavailable.”
The new UK business will initially deal directly on a wholesale basis with insurance brokers in both Europe and the UK.
Ensurance will export both its underwriting model and IT solutions as it looks to tap into the massive European and UK markets, it was confirmed.
The firm will be looking to “quickly grow” its overseas operations and noted that it will use acquisition, of both businesses or personnel, as a route to faster growth.
The cost to establish European operations is estimated at just over $1 million and the firm is said to be “in discussions with a number of parties in regards to funding options”, and has appointed Sydney-based advisory and equities group Transocean Securities to assist in the process.
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